thecryptobasic.com
Clifford Asness, a hedge fund titan and co-founder of AQR Capital, has raised eyebrows in his latest piece, in which he predicted a massive Bitcoin capsize.
The experienced market participant published a piece on Thursday sharing his perspective on the global market outlook for the next decade. Notably, his prediction applies to most financial vehicles in the US, including cryptocurrency.
Meanwhile, his crypto allocator view elicited the community’s attention due to its controversial nature. Asness predicted an over 100% upsurge in Bitcoin’s price, followed by a staggering capsize below the bear lows after the FTX implosion.
AQR Capital Co-Founder Calls Bitcoin a Digital Gold
The hedge fund mogul described Bitcoin as digital gold, pointing to its scarce properties despite calling it “useless.” He mentioned that the asset’s recent rise to the limelight has attracted skeptics who once did not believe in its potential.
“But when Bitcoin hit $100,000, we realized we had missed out on the next big thing and that leaving computers running did build digital gold,” he wrote.
Furthermore, he mentioned that Bitcoin would surge to $250,000 this year based on speculation about a strategic Bitcoin reserve. This factor and “a single Elon Musk tweet” could spur the over 100% upsurge.
However, the controversy stemmed from his suggestion that Bitcoin would crash to $10,000 ten years from now, specifically in 2035. Notably, his perspective on capitulation sparked a chain reaction from crypto enthusiasts.
For instance, a user stated that bears seemed tired of writing Bitcoin’s obituary in the present tense, so they switched to future predictions. However, he insisted that the crypto community would ridicule his perspective in the next ten years.
Asness Big Fartcoin Talk Sparks Surge
Meanwhile, Asness asserted that the meme coin Fartcoin will thrive. He stated that the asset will be one of the assets the allocator in his narrative still holds because “you have to dance with the one that brung ya.”
Notably, the comments correlated with a bullish Fartcoin price upsurge. The Solana-based AI meme coin surged to a new all-time high of $1.45 yesterday, continuing its recent price uptrend.
At the time of writing, Fartcoin has moved to the 79th position in the crypto market cap ranking, with a valuation of $1.34 billion. FARTCOIN trades at $1.35, up 11% in the past 24 hours.