- The co-founder of GSR remains unfazed by the recent fluctuations in the cryptocurrency market.
- Alexis Sirkia stated that Bitcoin’s value proposition is still intact.
While Bitcoin may have diminished in allure over the last two months, Alexis Sirkia believes that its fundamental value has not altered.
In reality, investors have a remarkable opportunity to acquire the $1.6 trillion cryptocurrency at a bargain.
“The fundamental worth of Bitcoin remains unchanged,” remarked the co-founder of market maker GSR and the founder of crypto clearing house Yellow to DL News.
“It still stands at $100,000; currently, it’s just available at a 20% discount due to risk and uncertainty.”
Uncertainty Prevails
Even with President Donald Trump’s unexpected shift to support the crypto sector, his administration’s vigorous tariff policies have caused investors to retreat.
When he threatened to impose a 200% tax on European spirits on March 13, the S&P 500 saw a 10% drop from its peak in February.
Additionally, Bitcoin has dropped over 20% from its all-time high set on January 20, the day of Trump’s inauguration.
Similarly, the president’s agenda to create a national crypto reserve has progressed in a sporadic manner.
On March 2, he announced that the reserves would encompass four additional tokens alongside Bitcoin, such as Ether, Solana, Cardano, and Ripple’s XRP.
Although the initial response was optimistic — driving those assets upward — the timeline for significant buying remains ambiguous.
Meanwhile, gold has seen a surge in interest as the VIX, which gauges market volatility expectations, has spiked over 50% this month.
Historically viewed as a safe-haven asset, the precious metal reached an unprecedented price of $3,000 in March.
“In the eyes of institutions, Bitcoin is not viewed as a long-term asset like gold,” Sirkia commented to DL News.
‘We’re in a Bull Run’
Despite the turbulence, Sirkia, who recalls purchasing Ether when it was merely 27 cents, remains unbothered.
While speaking from his mega-yacht off the coast of New Zealand via Starlink, the crypto executive expressed confidence that Bitcoin will soon navigate back to calmer waters.
He’s not alone in this sentiment.
Arthur Hayes, CIO of Maelstrom, mentioned in March that the recent downturn is merely a temporary liquidity issue — predicting that it will rebound to $250,000 by the year’s end.
“Once we eliminate all the uncertainty, Bitcoin will surge in value,” said Sirkia. “We are currently in the midst of a bull run.”
Liam Kelly is a Berlin-based reporter for DL News. Have a tip? Reach out via email at [email protected].
