Mark Mobius, a legendary investor, said that the price of bitcoin could fall to $10,000 in the next few months.
The market is still dealing with the aftermath of the fall of FTX, which filed for bankruptcy on November 11.
The steep sell-off in cryptocurrencies already seen this year has taken a toll on the price of bitcoins. A fall to $10,000 would mean another 40% plunge in the coin's value.
He thinks the sector is too dangerous to invest his own money in. He warned that a sell-off in Cryptocurrencies could cause the S&P 500 to fall.
Despite the risks associated with the FTX drama, the industry is likely to survive, according to Mark Mobius.
He said that there are many investors who still have faith in the technology.
Despite the turmoil and the potential for regulators to crack down harder on the industry, other market commentators are still bullish. The price target of $1 million for the next 10 years was maintained by Ark Invest's Cathie Wood.
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