Atlas CEO, backed by "Dr. Doom," predicts Bitcoin will first plummet by 70% before rising to $500,000.

CoinFeed reported on June 5th, citing CoinDesk, that Reza Bundy, CEO of Atlas Capital, backed by "Dr. Doom" Nouriel Roubini, warned that Bitcoin could fall 70% to the $26,000-$30,000 range within six months, before rebounding to $150,000-$500,000 over several years. Bundy's pessimistic prediction is based on data analyzed jointly with Roubini, who accurately predicted the 2008 subprime mortgage crisis and has been bearish on Bitcoin for a long time. Bundy believes that Bitcoin has failed as an inflation hedge and is currently only a highly volatile risk asset, fluctuating in tandem with tech stocks.