Financial advisers warned that cryptocurrency is “one of the biggest bubbles ever”-saying “it will become ugly”-market and price bitcoin news
The president of Payne Capital Management warned that cryptocurrency is “one of the biggest bubbles in history.”Emphasizing that the crypto market is “becoming an increasingly large casino”, he predicts The bubble will eventually burst, “it will be ugly”.
According to financial advisers, encryption is a big bubble waiting to burst
Ryan Payne, the financial advisor to the president of Payne Capital Management, talked about the future prospects of the Bitcoin and cryptocurrency markets on Yahoo Finance on Monday.
Payne co-designed the company’s investment and financial planning strategies, and supervised all the company’s financial advisors. Before founding Penn Capital Management, he worked as a financial advisor for Merrill Lynch Securities for nearly eight years.
The executive first agreed with Berkshire Hathaway’s vice chairman’s views Charlie Munger, He recently stated that the current market is crazier than the Internet bubble. Noting that “some bubbles are forming”, the financial adviser emphasized:
The entire Bitcoin, the entire cryptocurrency, is one of the biggest bubbles in history.
Munger, often referred to as Warren Buffett’s right-hand man, also Comment Cryptocurrency, especially Bitcoin. He praised China for banning cryptocurrencies and said that he hopes that cryptocurrencies have never been invented.
Payne noted that Bitcoin can still go higher, adding:
Too much money can flow into this market. It just becomes a bigger and bigger casino.
“In the final analysis, we won’t use it for more commercial purposes. It’s just that more people are guessing,” he continued, adding that “this is very similar to the situation when the technology bubble burst.”
The president of Payne Capital Management further believes: “The reason for owning it does not make much sense, because as we know, it is not actually a good store of value. It is very variable. This is fake scarcity. It is. It’s not really scarce like gold.” He emphasized:
I do think the bubble will burst eventually. It would be ugly.
Payne pointed out that the global market value of cryptocurrencies was “more than 2 trillion U.S. dollars.” Payne detailed: “When the Internet bubble burst, those Internet stocks were worth about 5 billion U.S. dollars – after adjusting for inflation, it is equivalent to today’s 1 Trillions of dollars. Most stocks became worthless. When the tech bubble burst, even Amazon fell by 80% to 90%. It took you about 14 years to get your money back.”
He concluded: “So I do think there are bubbles. They are everywhere now. The smart money here is that you can leave early. It’s best to enter some of the cyclical stocks that are selling off early. Diversify your portfolio. Protect. Own, because the music will eventually stop, when it stops, no one will tell you in advance.”
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