We are nearing the end of June and nothing seems to move the needle for Bitcoin (BTC).
We have seen Bitcoin stuck in a tight range between $62,000 and $64,000 for almost two weeks now
There have been occasional spikes to $67,000 but it has failed to sustain the momentum. In fact, Decibel data shows it was trading near $61,795, having dropped more than 1% in the past 24 hours. The sentiment is souring across the board and is spilling to billionaire investor Philippe Laffont, founder and portfolio manager of Coatue Management.
Speaking on CNBC’s “Squawk Box” on June 23, the technology investor revealed he doesn’t know how to feel about Bitcoin anymore. Bitcoin’s role as a speculative ‘off-ramp’ is shrinking Laffont said he no longer knows what to make of the world’s largest cryptocurrency and would rather place bets on space and artificial intelligence companies. “I don’t know what to think about Bitcoin anymore…I’m a little bit more worried,” he said. Laffont’s thesis is that Bitcoin filled a particular gap in markets when public listings were scarce, and index investing left investors hunting for something speculative.