Fun

Financial Adviser Warns Crypto Is ‘One of the Biggest Bubbles Ever’ — Says ‘It’s Going to Be Ugly’

News Feed - 2021-12-10 09:12:24

Financial Adviser Warns Crypto Is "One of the Biggest Bubbles Ever" — Says "It"s Going to Be Ugly"


The president of Payne Capital Management has warned that crypto is “one of the biggest bubbles ever.” Stressing that the crypto market is “becoming a bigger and bigger casino,” he predicts that thebubble will eventually burst and “It’s going to be ugly.” Crypto Is a Big Bubble Waiting to Burst, According to the Financial Adviser


Financial adviser Ryan Payne, president of Payne Capital Management, talked about the future outlook for bitcoin and the cryptocurrency market on Yahoo Finance Monday.


Payne co-designs his firm’s investment and financial planning strategies while supervising all the financial advisers in his firm. Prior to establishing Payne Capital Management, he spent almost eight years as a financial adviser at Merrill Lynch.


The executive began by agreeing with Berkshire Hathaway Vice Chairman Charlie Munger, who recently stated that the current markets are wilder than the dot-com bubble. Noting that “there are pockets of bubbles being formed,” the financial adviser stressed: This whole bitcoin thing, this whole cryptocurrency, is one of the biggest bubbles ever.


Munger, who is often called Warren Buffett’s right-hand man, also commented on cryptocurrency, particularly bitcoin. He commended China for banning crypto and said he wishes crypto had never been invented.


Payne noted that bitcoin can still go higher, adding: There’s too much money out there that can funnel into this market. It’s just becoming a bigger and bigger casino.


“At the end of the day, we’re not using it for that much more commercial use. It’s just more people speculating,” he continued, adding that “it’s very analogous to when the tech bubble burst.”


The president of Payne Capital Management further opined: “The reasons for owning it don’t make a lot of sense because really it’s not a great store of value as we know. It’s extremely volatile. It’s fake scarcity. It’s not like gold that has real scarcity.” He emphasized: I do think eventually that bubble is going to burst. It’s going to be ugly.


Noting that the global crypto market cap “is somewhere over $2 trillion,” Payne detailed: “When the dot-com bubble burst, those dot-com stocks were worth like half a billion dollars — inflation-adjusted that’s like $1 trillion in today’s dollars. Most of those stocks became worthless. Even Amazon went down 80% to 90% when the tech bubble burst. It took you like 14 years to get back on your money.”


He concluded: “So I do think that bubbles are there. They are pervasive right now. The smart money here is you can get out early. It’s better to be early than late and get into some of those cyclical names which are selling off right now. Diversify your portfolio. Protect yourself because eventually the music’s going to stop and when it does, no one‘s going to tell you ahead of time.” Tags in this story Amazon, bitcoin bubble, Bitcoin vs gold, Bubble burst, crypto bubble, cryptocurrency bubble, Ryan Payne, Ryan Payne bitcoin, Ryan Payne crypto, Ryan Payne cryptocurrency


What do you think about this financial adviser’s advice? Let us know in the comments section below. Fundstrat"s Chief Strategist Predicts Bitcoin Still Has "Exponential Growth Ahead" MARKETS AND PRICES | 2 days ago Billionaire Barry Sternlicht Discusses Bitcoin Price Rising to $1 Million — Calls BTC a "Smart" Hedge MARKETS AND PRICES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCFTC Commissioner Opposes Regulation by Enforcement, Says Crypto Needs Clearer Rules Next articleBitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItReport Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November


Cryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment ... read more.Crypto Stamp Crashes Swiss Post’s Online Store With Launch Day Demand Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind Grayscale Report Sees Metaverse as Potential $1 Trillion Business Opportunity

News Feed

Albania to Start Taxing Crypto-Related Income From 2023
Albania to Start Taxing Crypto-Related Income From 2023 Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency inv
Abu Dhabi Global Market Financial Regulator Unveils Virtual Asset Regulation ‘Guiding Principles’
Abu Dhabi Global Market Financial Regulator Unveils Virtual Asset Regulation "Guiding Principles" Abu Dhabi Global Market’s financial regulator, the Financial Services Regul
Turner Wright4 hours agoLedger lays off 12% of staff, citing ‘macroeconomic headwinds’The wallet manufacturer reportedly had around 734 employees at the time of publication, suggesting roughly 88 people may have lost
Gareth Jenkinson9 hours agoRipple CTO says ‘tide is turning’ on US regulatory environmentDavid Schwartz believes the U.S. legal system is looking more skeptically at SEC cases against various cryptocurrency industry
Rich Dad Poor Dad’s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish
Rich Dad Poor Dad"s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish The famous author of the best-selling book Rich Dad Poor Dad, Robert K
Compound Facing More Problems: More Than $140 Million in Tokens up for Grabs
Compound Facing More Problems: More Than $140 Million in Tokens up for Grabs Compound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems agai
Ana Paula Pereira7 hours agoCrypto will transcend international currencies — BlackRock CEOLarry Fink states that global investors are increasingly eager to add crypto assets to their portfolios.3779 Total views158 Tota
Venezuela blocks Binance, X amid presidential election dispute
Jesse Coghlan6 hours agoVenezuela blocks Binance, X amid presidential election disputeBinance has assured its users that their funds are safe after Venezuela cut off access to the exchange and social media platform X.328
Canadian Public Company Dumps Ethereum and Monero for Bitcoin
Canadian Public Company Dumps Ethereum and Monero for Bitcoin A Canadian publicly held company has liquidated all of its ethereum and monero holdings and put all
Bitcoin bull market may return after $1.4T US liquidity spike — Prediction
William Suberg34 minutes agoBitcoin bull market may return after $1.4T US liquidity spike — PredictionBitcoin and crypto may still have a friend in U.S. treasury secretary Janet Yellen if liquidity comes roaring back
Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key
Este artículo también está disponible en español. As Bitcoin (BTC) continues to move sideways, investors wonder whether the flagship crypto will end the year positively o
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Satu