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Institutional investor Rich Bernstein predicts a tech bubble style collapse for crypto – here’s why

Rich Bernstein, CEO of capital markets firm Richard Bernstein Advisors, says crypto reminded 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.

“The way to think about the markets is to think of them as a seesaw.

On the one hand, we have everything that I would call bubble assets: technology, innovation disruptions, Cryptocurrencies, this whole group.

On the other side of that seesaw, you have literally everything else in the world.

I think if you look from 2022 to 2023 you want to be on the other side of that swing because that’s where the odds are, that’s where there is a shortage of capital. “

The famous investor says crypto may be worse than the dot-com bubble if technology stocks plummeted as much as 90%.

“I think cryptos are the biggest financial bubble of all time.

I think this is just a monster and a lot of people have reacted when I talk about technology, innovation, disruption. The stocks have fallen sharply. They are down 35%.

… in the tech bubble, when tech stocks were down 30%, 35%, 40%, people said the exact same thing, except that it was only halfway down.

They went down to 75%, 80%, 85%, 90% and I think one should wait to see the real fundamentals and the ratings before deciding this is all over. “

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Source: Crypto News Deutsch

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