Mark Mobius expects bitcoin price to fall to $10,000

Investor Mark Mobius, founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nevertheless, he said, “The crypto is here to stay because there are several investors who still have faith in it“.

Bitcoin price prediction by Mark Mobius

Mobius Capital Partners founder Mark Mobius shared his latest bitcoin price prediction in an interview with Bloomberg on Monday.

Before starting his own firm, Mark Mobius spent more than three decades at Franklin Templeton Investments. He was previously executive chairman of Templeton Emerging Markets Group, where he managed more than $50 billion in emerging markets portfolios.

The veteran investor said his next target for bitcoin is $10,000, noting that cryptomurrencies are “too dangerous“for him to invest his own money or that of his clients.

Despite the collapse of the FTX crypto-currency exchange and the subsequent market sell-off, Mark Mobius noted:

Crypto is here to stay because there are many investors who still have faith in it … It’s amazing how bitcoin prices have held up.

This isn’t the first time the former Franklin Templeton executive has mentioned $10,000 as a target for the price of bitcoin. In May, he advised investors against buying the dip, warning that the market still had a ways to go. In November last year, he said people should not look at crypto-currencies as a way to invest but as “a way to speculate and have fun.”

Mark Mobius isn’t the only one who expects the price of bitcoin to fall to $10,000. Doubleline Capital CEO Jeffrey Gundlach, aka the King of Bonds, said in June, “I wouldn’t be surprised at all if bitcoin hit $10,000“. Economist Peter Schiff said this month that bitcoin still has a long way to go. He valued BTC at $10K. In addition, a recent Bloomberg MLIV Pulse survey showed that the majority of the roughly 1,000 investors who responded expect bitcoin’s price to fall to $10,000.

Meanwhile, some people are still very optimistic about the price of bitcoin. Venture capitalist Tim Draper, for example, said earlier this month that he expects the price of bitcoin to reach $250,000 by mid-2023.