Rich Bernstein, CEO of the capital market company Richard Bernstein Advisors, is saying that crypto reminds him of the tech bubble in the late 1990s.
In a new interview on CNBC’s Trading Nation, Bernstein tells investors where to put their money instead of investing in bubble assets in the coming year.
[adinserter block="1"]“The way to think about the markets is to think of it as a seesaw.
On one side, we have all that I would call the bubble assets: tech, innovation disruption, cryptocurrencies, that whole group.
On the other side of this see-saw, you have literally everything else in the world.
I think if you’re looking at 2022 into 2023, you want to be in the everything else in the world side of that see-saw because that’s where the opportunity is, that’s where there’s a scarcity of capital.”
The famed investor says that crypto may be worse than the dot-com bubble when the prices of tech stocks plummeted as much as 90%.
“I think cryptos are the biggest financial bubble ever in history.
I think this is just a monster one and a lot of people have responded when I talk about technology, innovation, disruption… The stocks are down a lot. They’re down 35%.
… in the tech bubble, people said the exact same thing when tech stocks are down 30%, 35%, 40%, except that was only the halfway point.
They went down to 75%, 80%, 85%, 90% and so I think one wants to wait to look at the true fundamentals and look at the valuations before deciding that this is all over.”
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