Despite the latest market correction on June 14, American billionaire businessman and former government official David Rubenstein said in a recent interview with Bloomberg that crypto will not go away.
He believes that the ongoing value of digital currency will continue to fluctuate in upcoming days, but that it is currently too high for them to become obsolete.
According to the businessman, those who acquired Bitcoin when it was just a single dollar are still sitting on significant earnings.
However, investors who purchased at the peak have suffered massive losses. According to statistics from analytics firm IntoTheBlock, over half of Bitcoin addresses are now unproductive.
The biggest cryptocurrency fell to $20,816 on the Bitstamp platform earlier today, which was its lowest level since December 2020. It has since gained some ground.
Coinbase, BlockFi, Gemini, and other cryptocurrency companies have cut their staff by a lot to get ready for what looks like it will be a harsh crypto winter.
Famous hedge fund manager Leon Cooperman recently told CNBC that cryptocurrency, non-fungible tokens, and other risky assets were unlikely to return to a bull market “anytime soon.”
The last bull market, according to the 79-year-old entrepreneur, was “one of the most speculative eras” in his lifetime.
The Fed’s extraordinarily hawkish monetary policy continues to be the biggest impediment to bulls. However, according to JPMorgan, the Fed might surprise investors with a hefty rate hike of 100 basis points, but most analysts believe it will settle for 75 basis points.
