Why Rockefeller International Chairman Sees Bitcoin Emerging As A Steadier Asset

Ruchir Sharma, managing director and chairman of Rockefeller International, believes that Bitcoin BTC/USD and cryptocurrencies will return as a steadier asset class.

What Happened: Speaking to CoinDesk TV on Saturday, Sharma said that Bitcoin is a “fundamentally good idea” that has been subject to too much speculative interest and cheap money.

Sharma drew parallels between Bitcoin and e-commerce giant Amazon.com Inc’s AMZN decline during the dot com bubble in the early 2000s, saying that it took several years before Amazon’s share price recovered and surpassed its all-time high.

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“The dependence on the U.S. dollar, in general, cannot continue … There is a need for having another currency out there with some transactional need, which is a bit more stable in value,” said Sharma.

“Three to five years from now, hopefully [bitcoin] will emerge as a more stable asset.”

According to him, the window of opportunity for cryptocurrencies is open, but it is still caught up in a speculative mania.

See Also: Kevin O'Leary: Why Bitcoin's Crash, Voyager Collapse Are 'Good Thing' For Crypto

Price Action: According to data from Benzinga Pro, BTC was trading at $20,527 at press time, down 3.5% over the last 24 hours. The leading digital asset is currently trading 70% lower than its all-time high.