One such company is Celsius which filed for bankruptcy in July. Another is BlockFi, which had large exposure to the now-bankrupt exchange FTX.
“So there was abundant cash to speculate on crypto coin,” Mobius added.
“Now as the Fed is drawing back that cash the ability for people to play in the market becomes much more difficult,” Mobius said.
Mobius has been relatively successful with his bitcoin calls this year. In May, when the price of bitcoin was above $28,000, he told Financial News that bitcoin would likely fall to $20,000, then bounce, but ultimately move down to $10,000.
