Veteran Investor Mark Mobius Expects Bitcoin to Fall Further

Mark Mobius is a veteran investor and founder of Mobius Capital. He warns cryptocurrency traders not to use the “buy-the-dip strategy.” However, he expects bitcoin’s price to plummet further, with temporary relief at $20K.

Mark Mobius Warning & His Bitcoin Price Prediction

In an interview with Financial News Friday, Mark Mobius (founder of Mobius Capital Partners) warned crypto traders against buying the dip. He also spoke about his future outlook and price prediction for bitcoin.

Mobius was the executive chairman of Templeton Emerging Markets Group before he started his own company. Mobius joined Templeton in 1987, where he was responsible for managing more than $50 billion worth of emerging market portfolios.

Although he acknowledged that there have been some successful crypto traders who used the “buy the bitcoin dip strategy”, he said that the strategy would not pay off as the market is still in decline. Mobius Capital founder, 85 years old, spoke out about buying the bitcoin dip.

This will not work until bitcoin reaches $20,000, at which point there may be a bounce, but then it will reach $10,000.

Many people shared similar warnings via social media, particularly after the collapses of terrausd and terra (LUNA). Currently, UST is trading at $0.11 and LUNA is almost worthless.

“Terra Luna is a great example of why you shouldn’t always ‘buy a dip,” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. You lost 99.3% today if you bought the dip believing that the crash would create a great buying opportunity. This could happen to any cryptocurrency.

Many bitcoin investors don’t buy the dip to make quick profits, but they intend to keep their BTC for the long-term. For example, those who believe the price of bitcoin will reach $100,000 this year are willing to buy at any price below that price.

Mobius is a long-time bitcoin skeptic. Mobius told the news outlet in October that cryptocurrency could “really blow up”, emphasizing that it was something central banks should be “paying attention to”.

In November, he advised people not to view cryptocurrency as an investment vehicle. It’s a way to speculate and have some fun. He said that stocks are the best option but then they have to be repurchased at the end.