In an explosive interview with Kitco News, Richard Heart, the founder of HEX, who predicted Bitcoin’s fall to $10K, revealed when Bitcoin is expected to bounce back. He also revealed how Bitcoin will perform under recession.
Richard Heart Calls Out Michael Saylor
The interview started with Heart calling out people who did not pay attention to his $10K BTC prediction and are in massive loss. He called out Michael Saylor, Three Arrow Capitals, and Celsius for taking leverage and believing in a BTC super cycle. He revealed that MicroStrategy, a company that Saylor owns, went down 90%. He also took shots at Coinbase for its shares going down 90%.
According to Heart, BTC has traditionally always gone down by about 85%. According to him, investors like Saylor delayed the inevitable downfall to $10K, after which BTC would have bounced back up.
Heart Predicts Bitcoin Bounce Back Scenario
In a response to a question regarding Bitcoin’s performance during a recession, Heart revealed that he expects crypto to do well during the recession. According to him, crypto is strongly correlated to stocks, which will perform well when the Federal Reserves start cutting down taxes.
Many experts believe that with the back-to-back negative GDP growth, another unusual interest rate hike by the Fed is unlikely. According to Heart, at some point, the Fed will get back to printing money again and the risk asset classes like crypto will bounce back.
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Heart believes that volatility is a price to pay in crypto, which he believes to be the best performing asset in the world. Citing the example of Amazon’s price crash in 2000, he revealed that every asset with high potential has volatility as its side effect.
In response to a question about whether crypto can outperform stocks during the upcoming recession, Heart answered in the affirmative. According to him, while some stocks did perform well in the last recession, crypto has the potential to outperform the stock market.
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