Bitcoin down at $11k, cryptos will still outperform stocks in upcoming recession - Hex Founder Richard Heart
Bitcoin is down 65 percent from its all-time high of $68,990. In June, it briefly dropped below $18,000, implying a 75 percent drop from its all-time high. Last year when he appeared on Kitco News, Hex founder Richard Heart predicted an 85 percent drop in the price of Bitcoin. “At my last appearance here, I said that Bitcoin was down to $10K,” he said. “So far, Bitcoin is actually down 75 percent, 10 percent lower than my 85 percent target.” Heart blamed institutions with large holdings in Bitcoin such as Celsius, MicroStrategy, and Three Arrows Capital for taking leveraged positions in the cryptocurrency, leading to the bubble. “Michael Saylor took leverage and he dropped, I believe, 30 percent on his Bitcoin stack,” Heart said. “El Salvador’s government is down, ARKK’s investment is down. Everyone was devastated, except for me. I called the top on the deck. ” Heart spoke with David Lin, Anchor and Producer at Kitco News. https://www.youtube.com/watch?v=/vfE7UFDceqI Bitc