New Delhi: Mohnish Pabrai, a value investor and disciple of Warren Buffett, has once again criticized cryptocurrencies. In a recent interview, Pabrai warned cryptocurrency investors that despite the recent correction, the worst is yet to come for the digital asset. In 2022, the price of bitcoin, the largest cryptocurrency, fell 36.95 percent from $47,733 to $30,097.80. Other crypto coins have also faced a significant correction amid the ongoing macro-trend that appears unfavourable for crypto investments.
The philanthropist warned investors about crypto assets in an interview with CNBC that their investment would be ‘a big zero’. Indian-origin businessmen have been actively raising their voice against crypto investors.
Earlier, he had explained how new cryptocurrencies are being created so fast. “New currencies and new currencies are being created every hour,” Pabrai said during his appearance on the Everything Money podcast in December 2021.
His recent predictions for the crypto industry come against the backdrop of the recent Terra (Luna) crash. Terra, which once commanded a $400 billion market cap, saw its valuation drop dramatically last month.
The crash of Terra (Luna), once ranked among the top 10 most valuable cryptocurrencies, wreaked havoc on the crypto industry. Several other digital coins saw a sharp drop in valuation amid the crash. Terra (Luna) reached its all-time high of around $120 in April 2022. But with the recent crash, the price of the cryptocurrency fell below $1. Read also: From a love for cricket to his own love story – here’s the simple yet relatable story of Google CEO Sundar Pichai
Back in India, Reserve Bank of India (RBI) governor Shaktikanta Das has been warning investors against investing in risky digital coins. He said that cryptocurrencies pose enormous financial stability risks to the economy. Read also: Pakistan’s stock market fell, becoming Asia’s third worst performing stock market
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