{"id":465591,"date":"2021-06-15T14:33:18","date_gmt":"2021-06-15T14:33:18","guid":{"rendered":"https:\/\/ktsl888.com\/?p=465591"},"modified":"2024-06-11T12:39:24","modified_gmt":"2024-06-11T12:39:24","slug":"bitcoin-is-in-a-bear-market","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-is-in-a-bear-market\/","title":{"rendered":"Hall Of Fame Investor: Bitcoin Is In A \u201cBear Market\u201d"},"content":{"rendered":"
Hall of Fame investor <\/span>Richard Bernstein has warned that bitcoin is in a bear market. Richard is the CEO and CIO of Richard Bernstein Advisors<\/a>. A management fund that manages $4.7 billion and provides investment advisory services to over 10,000 clients.<\/span><\/p>\n On Monday on CNBC\u2019s Trading Nation<\/a>, Bernstein was a guest where he talked about bull markets.\u00a0 <\/span>Bitcoin has been in a bull market for the better part of a year now. And even though the asset has surged upwards in that time, Bernstein suggests that this trend is not sustainable. <\/span><\/p>\n He said that people were leaving behind the assets that have been positioned to make a profit. Going after cryptocurrencies which he said was \u201cpretty wild.\u201d<\/span><\/p>\n Calling out the digital asset, CEO Richard Bernstein has said that the asset is a bubble. He states that the asset is currently in a bear market but everyone is ignoring the assets that are actually in a bull market.<\/span><\/p>\n The real bull market is actually in oil but everyone is ignoring the market. There\u2019s not a lot being said about it despite the asset being up 42%.<\/span><\/p>\n Related Reading |\u00a0Why Bitcoin Is Actually \u201cBad For Crime\u201d Contrary To Belief<\/a><\/strong><\/em><\/p>\n Pointing to the stock markets,\u00a0 <\/span>he said, \u201cBitcoin is in a bear market and everyone loves its assets. And oil was in a bull market and it\u2019s basically, you\u2019ve never hear of it. People don\u2019t care. <\/span><\/p>\n Bernstein has been on Wall Street for years and he called oil the most neglected bull market. Explaining that the major bull market was actually going on in commodities, not cryptocurrencies. The CEO believes that the rush to own cryptocurrencies has led to a major parabola.<\/span><\/p>\n \u201cThe bubble is different from speculation in that it pervades society,\u201d he said. \u201cIt\u2019s out of the financial markets.\u201d Expanding on this by calling out that cryptocurrencies and other tech stocks are now being discussed at places like cocktail parties<\/span><\/p>\n Pointing out what he thinks the source of growth is, Bernstein believes the source of growth ultimately lies in energy and material and industry.<\/span><\/p>\n According to the CEO, you want to be on the winning team. And the winning team according to him has always been in the energy sector.<\/span><\/p>\n Related Reading |\u00a0Mexican Billionaire Reveals He Put 10% of His Portfolio in Bitcoin<\/a><\/strong><\/em><\/p>\n \u201cIf you\u2019re on the other side of the seesaw next year or two, maybe five years, your portfolio can be hit hard,\u201d the CEO said with regards to crypto. \u201cThe seesaw aspect you want to be is a kind of inflation-promoting aspect that most people don\u2019t invest in.\u201d<\/span><\/p>\n Bitcoin is down 38 percent from its all time high of $64k in April. While the asset has done tremendously well, Richard Bernstein believes that Bitcoin has finally retreated into a bear market.<\/span><\/p>\n <\/p>\nBitcoin Is A Bubble<\/span><\/h2>\n
Bernstein On How This Can Affect Your Portfolio<\/span><\/h2>\n
Bitcoin down 38% from all time high | Source : BTCUSD on TradingView.com<\/a><\/pre>\n