As Bitcoin navigates the present bear market, Ruchir Sharma, the head of investment management firm Rockefeller International, has voiced optimism about the future of the cryptocurrency.
In an interview with CoinDesk TV on July 8, Sharma expressed his belief that Bitcoin "will make a comeback," but he emphasized that the cryptocurrency market must first purge itself of weak assets before recovering.
While stating that the present slump is a natural part of the overall growth trajectory, Sharma pointed out that Federal Reserve actions are affecting Bitcoin and cryptocurrencies in general.
The former top strategist of Morgan Stanley admitted that the recent cryptocurrency boom has been a bubble, and that when it busts, Bitcoin will stand out.
“We need the excess to get weeded out then we can see the emergence of Bitcoin and cryptocurrencies as a steady asset. But now it is caught up in this speculative mania.<…>It’s just a matter of time.”
Sharma also compared the development of the cryptocurrency market to the dot com boom, which led to the emergence of industry titans like Amazon (NASDAQ: AMZN).