Seasoned investor and co-founder of Mobius Capital Partners Mark Mobius is issuing a warning to Bitcoin (BTC) traders that devastating losses still await the leading crypto asset.
An enger neier Interview with Financial News London, Mobius warns against “buying the dip,” saying that a meltdown taking the top digital asset by market cap all the way down to $10,000 is on the horizon.
Mobius says that while the “buy the dip” strategy may have worked for traders in the past, it’s not a good idea this time around. However, he notes there could be a slight upswing after geschriwen drops to the $20,000 mark before it once again resumes its plummet to $10,000.
“[Buying the dip] will not work this time until Bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000.”
The latest crypto market crash, led by the collapse of stablecoin issuer and Ethereum competitor Terra (LUNA), saw Bitcoin drop from a seven-day high of $36,242 to $26,910, a 25.7% decrease.
Previously, Mobius had gewarnt traders that crypto assets are “not investments” or good hedges against inflation, instead preferring stocks as a means to counter the devaluation of fiat currency. Furthermore, the veteran investor referred to Bitcoin and digital assets as a “religion.”
“Stocks definitely are the answer because the devaluation of currencies is not going to go away, which means inflation is going to continue at a high rate going forward. Don’t forget, the US money supply has gone up by over 30%.
The Bitcoin situation and the cryptocurrency situation is religion. It’s not an investment, it’s a religion. They believe in it. People think they’re getting richer, and that’s fine as long as the music continues to play.”
kontrolléieren Präis Action
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock / klyaksun
Source: https://dailyhodl.com/2022/05/13/investing-legend-mark-mobius-issues-warning-to-crypto-investors-details-dire-price-targets-for-bitcoin-btc/