In a recent appearance on the program “Squawk Box“CNBC’s Mark Mobius, an emerging markets fund manager, predicted that the price of bitcoin could fall to $10,000 by 2023.
Mark Mobius on CNBC: Bitcoin could drop to $10,000 in 2023.
– David Kass (@DrDavidKass) December 15, 2022
The head of Mobius Capital Partners has doubled down on his bearish prediction following the collapse of the FTX exchange. Despite the fact that bitcoin remains relatively resilient during what appears to be the crypto industry’s biggest crisis to date, Mark Mobius continues to believe that the largest crypto-currency will crash lower in 2023.
The world’s largest crypto-currency is currently changing hands at the $17,300 level on major crypto-currency exchanges. The flagship coin is now down about 75% from its peak.
Mark Mobius thinks we’re going to have to suffer more in terms of higher interest rates.
Bitcoin and stocks fell sharply after the U.S. Federal Reserve signaled that it would continue to raise rates in 2023. While inflation has likely peaked, it remains well above the Fed’s oft-repeated 2% target.
The #Fed delivered the message that the market wanted to hear. For rates it’s bullish, for stocks it’s bearish. https://t.co/nIlf5vZ5DF pic.twitter.com/W3NvRhOl83
– Scott Minerd (@ScottMinerd) December 15, 2022
During a recent intervention on Bloomberg Scott Minerd, chief investment officer at Guggenheim Partners, called the Fed’s recent statements bearish for the equity market.