Summary
- Cliff Asness warned that Bitcoin (BTC) investors will face significant losses in 10 years.
- He predicted that while Bitcoin reached $100,000 in 2024, it will plummet to $10,000 by 2035.
- He specifically mentioned that investments in Bitcoin-related stocks will fail, unable to avoid value decline despite high premiums.
According to CryptoBasic, a media outlet specializing in virtual assets (cryptocurrency), Cliff Asness, a hedge fund mogul and founder of the American global investment management firm AQR Capital, stated that "Bitcoin (BTC) investors will pay a heavy price for their mistake in 10 years."
He mentioned that "Initially, institutional investors who dismissed Bitcoin's value as foolish succumbed to the hype when Bitcoin hit $100,000 by the end of 2024," adding that "rumors of the U.S. government stockpiling strategic assets and tweets from Elon Musk were the main reasons."
He continued, "By around 2035, a completely different scenario will unfold," warning that "Bitcoin, once called 'the future of money,' will plummet to around $10,000, causing massive losses for many investors."
Additionally, he noted that "the leveraged Bitcoin play strategy, particularly investing in Bitcoin-related stocks, will end in failure," explaining that "these stocks, designed to amplify Bitcoin's price volatility, were bought at a high premium but will crash due to the decline in Bitcoin's value."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
