Wall Street Investor Predicts a Drop in The Value of Bitcoin by 90%
Chief Investment officer at Bleakley Advisory Group Peter Boockvar believes that bitcoin will exist for a long time, but its price will drop significantly when the bubble bursts.
According to Boockvar, in the current year the price of bitcoin will decrease by 70-90%. At the same time, citizens of the United States, South Korea and Japan, borrowing money for crypto-investment, will have a rough time.
So, who’s right?
Boockvar believes that the growth of cryptocurrencies is due to the policy of light money carried out by central banks, which actively use their printing machines. Because of this, digital currencies, in particular bitcoins, are becoming more attractive for a common investor, since they have a limited amount of emission.
Economists have long wondered whether bitcoin is a bubble, and if so, at what stage it is located. So, Nobel laureate Robert Schiller in September last year brought bitcoin as a reference example of a bubble. He recently noted that the cryptocurrency will see its “complete collapse”, even if it can survive for a hundred years.