Bitcoin

Bitcoin in a “bear market”


Hall of Fame Investor Richard Bernstein warns that Bitcoin is in a range Bear Market. Richard is the CEO and CIO of Richard Bernstein Consultants. A management fund that manages $4.7 billion and provides investment advisory services to more than 10,000 clients.

Monday on CNBC بي Trade NationBernstein was a guest speaking on emerging markets. Bitcoin has been in a bull market for the better part of the year now. And although the asset has moved upwards at the time, Bernstein points out that this trend is unsustainable.

He said that people left behind assets that were put in place to make a profit. Pursuing cryptocurrencies that he said are “too wild”.

Bitcoin is a bubble

CEO Richard Bernstein, calling on digital assets, said the asset is a bubble. It is reported that the original is currently in Bear But everyone ignores assets that are already in a bull market.

The real bull market is actually in oil but everyone is ignoring the market. There is not much to be said about it despite the assets being up 42%.

Related reading | Why is Bitcoin Actually ‘Bad for Crime’ Contrary to Belief

Referring to stock markets, He said, “Bitcoin is in range Bear The market and everyone loves its origins. Oil was in a bull market and you’ve basically never heard of it. People don’t care.

Bernstein has been on Wall Street for years and describes oil as the most neglected bull market. Explaining that the main bull market was already taking place in commodities, not cryptocurrencies. The CEO believes that the rush to own cryptocurrency has led to a huge parabola.

“The bubble is different from speculation in that it permeates the community,” he said. “It’s outside the financial markets.” Expand on this by noting that cryptocurrencies and other tech stocks are now being discussed at places like cocktail parties

Bernstein on how it could affect your wallet

Pointing to what he believed to be the source of growth, Bernstein believed that the source of growth ultimately lay in energy, materials, and industry.

According to the CEO, you want to be on the winning team. The winning team, he says, has always been in the energy sector.

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“If you’re on the other side of the swing for the next year or two, maybe five, your portfolio could take a huge hit,” the CEO said regarding crypto. “The swing side you want is the kind of inflation-boosting side that most people don’t invest in.”

Bitcoin is down 38 percent from its all-time high of $64,000 in April. While the asset has performed very well, Richard Bernstein believes that Bitcoin has finally slipped back to Bear Market.

Bitcoin down 38% from all time high | Source : BTCUSD on TradingView.com

Currently, Bernstein is very pessimistic about tech stocks, which he made clear in 2019. He doesn’t believe in stocks geared toward disrupting the current economy.

Technology stocks have grown a lot in recent years. With most investors’ portfolios containing a fair amount of technology stocks. The stocks also showed tremendous growth. Disruption is a word that gets thrown around a lot in the tech sector. But Bernstein is still not impressed with them, Connection The technology sector was a cyclical sector in 2017.

Regarding inflation, expect that inflation will definitely shock investors. It was a statement he made regarding economists saying this was just a passing: “A big mistake in inflation, but everyone thinks it’s just temporary.” But he hopes the tide will turn at some point.

Featured image by Luv Murrell - Unsplash, chart from TradingView.com



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