Veteran investor Mark Mobius, the founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nonetheless, he said: “Crypto is here to stay as there are several investors who still have faith in it.”
Mark Mobius’ bitcoin price prediction
Mark Mobius, founder of Mobius Capital Partners, shared his latest bitcoin price forecast in an interview with Bloomberg on Monday.
Prior to starting his own company, Mobius spent more than three decades at Franklin Templeton Investments. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios.
The veteran investor said that his next target for bitcoin is $10,000, noting that the cryptocurrency is “too dangerous” for him to invest his own cash or that of his clients.
Despite the collapse of crypto exchange FTX and subsequent market sell-offs, Mobius emphasized:
Crypto is here to stay as there are several investors who still have faith in it … It’s amazing how bitcoin prices have held up.
This was not the first time the former Franklin Templeton executive mentioned $10,000 as his target for the bitcoin price. In May, he advised investors against buying the dip, warning that the market still had a way to go on the downside. In November last year, he said that people should not look at cryptocurrencies as a means of investment, but as “a means to speculate and have fun.”
Mobius is not alone in expecting the price of bitcoin to drop to $10,000. Doubleline Capital CEO Jeffrey Gundlach, aka the bond king, said in June: “I wouldn’t be surprised at all if it [bitcoin] went to $10,000.” Gold bug and economist Peter Schiff said this month that bitcoin still has a long way to fall. He valued BTC at $10K. Moreover, a recent Bloomberg MLIV Pulse survey showed that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K.
At the same time, some people are still very bullish on the price of BTC. For example, venture capitalist Tim Draper said earlier this month that he expects the price of bitcoin to reach $250K by mid-2023.
