Bitcoin $10,000¿

It could drop to $10,000, a drop of more than 40% from current prices, veteran investor Mark Mobius told CNBC on Thursday.

The co-founder of Mobius Capital Partners, who said the decline this year is towards $20,000, said Bitcoin is “not too far away” from $10,000 now that it has broken the $18,000 and $17,000 technical support levels.



While Mobius expects Bitcoin to hover around the current level of $17,000, he said that a move to $10,000 could occur.

The investor, who made his name at Franklin Templeton Investments, told CNBC that the negative situation for Bitcoin stems from rising interest rates and the US Federal Reserve's generally tighter monetary policy.

“With higher interest rates, the appeal of holding or purchasing Bitcoin or other cryptocurrencies becomes less attractive because simply holding money does not generate interest,” Mobius said via email.

“Of course, there have been a number of offers offering interest rates of 5% or higher for cryptocurrency deposits, but many of the companies offering these rates have gone out of business, partly as a result of FTX. “As these losses increase, people are afraid to hold cryptocurrencies to earn interest.”

I think what the expert said then will come true in the coming months.