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Investment legend Mark Mobius warns crypto investors and announces dire price targets for Bitcoin (BTC).

Veteran investor and co-founder of Mobius Capital Partners, Mark Mobius, warns Bitcoin (BTC)-Traders that devastating losses still await the leading crypto-asset.
In a new interview with Financial News London, Mobius warns against “buying the dip” and says a meltdown is looming that will leave the biggest digital asset behind market capitalization down to $10,000.

Mobius says that while the “buy the dip” strategy may have worked for traders in the past, it’s not a good idea this time. However, he notes that there could be a slight bounce after Bitcoin fell to $20,000 before continuing its slide back down to $10,000.

“[Buying the dip] will not work this time until bitcoin hits $20,000 from where there might be a bounce, but then the next target will be $10,000.”

The recent crypto market crash, led by the collapse of the stablecoin-Issuers and Ethereum Competitor Terra (LUNA) saw Bitcoin fall from a seven-day high of $36,242 to $26,910, down 25.7%.

our recommendation Investment legend Mark Mobius warns crypto investors and announces dire price targets for Bitcoin (BTC)., Crypto Trading News

Previously, Mobius had warned traders that crypto assets are “not investments” or good hedges against inflation but stocks as a means to counteract the devaluation of the fiat currency. Additionally, the veteran investor referred to bitcoin and digital assets as a “religion.”

“Equities are definitely the answer because currency devaluation will not go away, which means inflation will remain high going forward. Don’t forget that the US money supply is up over 30%.

The bitcoin situation and the cryptocurrency situation are religion. It’s not an investment, it’s a religion. You believe in it. People think they’re getting richer, and that’s fine as long as the music keeps playing.”
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Source: Crypto News Deutsch

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