'Dr. Doom'-Backed Atlas CEO Warns Bitcoin Could Drop 70% Before Long-Term Rally
Atlas Capital CEO Reza Bundy told CoinDesk that bitcoin could fall as much as 70% within six months if equities suffer a major correction. He remains long-term bullish, outlining scenarios that could eventually put bitcoin between $150,000 and $500,000.
What happened?
Atlas Capital CEO Reza Bundy told CoinDesk that bitcoin could fall as much as 70% within six months if equities suffer a major correction. He remains long-term bullish, outlining scenarios that could eventually put bitcoin between $150,000 and $500,000.
Why it matters
Reza Bundy, CEO of investment advisory firm Atlas Capital and business partner of economist Nouriel Roubini, said bitcoin could face a drawdown of up to 70% over the next six months before potentially rising much higher in the years ahead. Speaking to CoinDesk at the Proof of Talk conference in Paris, Bundy said Atlas sees a possible decline toward the $26,000 to $30,000 range if stock markets sell off sharply.
Reza Bundy, CEO of investment advisory firm Atlas Capital and business partner of economist Nouriel Roubini, said bitcoin could face a drawdown of up to 70% over the next six months before potentially rising much higher in the years ahead. Speaking to CoinDesk at the Proof of Talk conference in Paris, Bundy said Atlas sees a possible decline toward the $26,000 to $30,000 range if stock markets sell off sharply.
The warning matters because it frames bitcoin less as an isolated crypto trade and more as a high-volatility risk asset tied to broader market stress. Bundy argued that if equities suffer even half the kind of decline seen in 2008, bitcoin could fall harder, challenging the view that it reliably acts as an inflation hedge during periods of financial instability.
Bundy's view partly reflects the influence of Roubini, Atlas Capital's chief economist and co-founder, who has long criticized bitcoin and is known as "Dr. Doom" for his 2008 crisis warnings. Roubini has continued to describe bitcoin as speculative and lacking fundamental value, while Bundy said bitcoin has recently traded more like technology stocks than a defensive asset.
Still, Bundy is not bearish on bitcoin over the long term. He told CoinDesk that bitcoin could eventually trade between $150,000 and $500,000 depending on how the global economy develops, including scenarios involving steady growth, fiscal dominance, conflict-driven market shocks or a deflationary recession followed by central bank liquidity.
Atlas Capital's current strategy, which Bundy described as a "techno-dollar" approach, allocates across assets such as gold, food, real estate and defense technology through an ETF listed under the ticker USAF. Bundy said bitcoin is not currently part of that fund because Atlas is waiting to see whether the short-term correction it expects plays out before deciding whether to add exposure.