Investing.com – A sector is still mired in crisis. A rally has stalled at $30,000, while Ethereum is trading around the 1,700 level.
While some investors are growing distrustful of the industry, so are the detractors. Mohnish Babrai says that crypto investments deserve a “big zero” in the end, and stresses that the worst is yet to come in the industry despite the recent correction.
The Indian-American investor, who is seen as a value investor like Warren Buffett, shared his predictions on the current state of the crypto industry in an interview with CNBC. This is not the first time a Buffett student has criticized cryptocurrency.
While appearing on the Everything Money podcast in December, Babrai complained about the rapid spread of new currencies. He warned that “there are new currencies and every hour new currencies are invented.”
At the time, the value investor predicted that the $3 trillion industry would disappear, causing damage to many people.
“If the value of digital currencies becomes zero, it will hurt a lot of people,” Babrai predicted.
Charlie Munger previously said that Bitcoin will end up at a big zero.