Financial advisor Ryan Payne warns that crypto is “one of the biggest bubbles of all time.”
Financial advisor Ryan Payne, President of Payne Capital Management, spoke on Yahoo Finance in December about the future prospects of Bitcoin and the crypto market.
Payne helps shape investment and financial planning strategies and oversees all financial advisors in his firm. Prior to founding Payne Capital Management, he was a financial advisor at Merrill Lynch for nearly 8 years.
In the interview, Payne agreed with Berkshire Hathaway Vice Chairman Charlie Munger, who recently said current markets are wilder than the dotcom bubble and noted that “bubbles are forming”.
“All Bitcoin, all Crypto is one of the biggest bubbles of all time.”
Billionaire Warren Buffett’s right-hand man, Munger, also spoke about cryptocurrencies, particularly Bitcoin. He praised China’s ban on cryptocurrencies and wished that cryptocurrencies would never be created.
Payne noted that Bitcoin could go even higher:
“There is so much money that can flow into this market. It’s just getting bigger and bigger. ”
“Eventually we will no longer use it for commercial purposes. It just drives people crazy to speculate. It’s very similar to the tech bubble burst. ”
“The reason to own it doesn’t make a lot of sense because it really isn’t as great a store of value as people say. It’s extremely volatile. It’s fake scarcity. It’s not that gold is really scarce. ”
“I think at some point this bubble will burst. It’s getting ugly. ”
Regarding the global crypto market cap of over $ 2 trillion, Payne emphasized:
“When the dot-com bubble burst, those dot-com stocks were worth half a billion dollars – adjusted for inflation, that’s one trillion dollars in today’s value. Most of these stocks became worthless. Even Amazon lost 80% to 90% when the tech bubble burst. It took you 14 years to get your money back. ”
“So I think there are bubbles. They are just spreading. The smart money is that you can get out early. Better to get off early than late. Diversify your investment portfolio. Protect yourself because in the end every party is over and when it’s over no one will tell you in advance, “concludes Payne.
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Financial advisor Ryan Payne warns that crypto is “one of the biggest bubbles of all time.”
Financial advisor Ryan Payne, President of Payne Capital Management, spoke on Yahoo Finance in December about the future prospects of Bitcoin and the crypto market.
Payne helps shape investment and financial planning strategies and oversees all financial advisors in his firm. Prior to founding Payne Capital Management, he was a financial advisor at Merrill Lynch for nearly 8 years.
In the interview, Payne agreed with Berkshire Hathaway Vice Chairman Charlie Munger, who recently said current markets are wilder than the dotcom bubble and noted that “bubbles are forming”.
“All Bitcoin, all Crypto is one of the biggest bubbles of all time.”
Billionaire Warren Buffett’s right-hand man, Munger, also spoke about cryptocurrencies, particularly Bitcoin. He praised China’s ban on cryptocurrencies and wished that cryptocurrencies would never be created.
Payne noted that Bitcoin could go even higher:
“There is so much money that can flow into this market. It’s just getting bigger and bigger. ”
“Eventually we will no longer use it for commercial purposes. It just drives people crazy to speculate. It’s very similar to the tech bubble burst. ”
“The reason to own it doesn’t make a lot of sense because it really isn’t as great a store of value as people say. It’s extremely volatile. It’s fake scarcity. It’s not that gold is really scarce. ”
“I think at some point this bubble will burst. It’s getting ugly. ”
Regarding the global crypto market cap of over $ 2 trillion, Payne emphasized:
“When the dot-com bubble burst, those dot-com stocks were worth half a billion dollars – adjusted for inflation, that’s one trillion dollars in today’s value. Most of these stocks became worthless. Even Amazon lost 80% to 90% when the tech bubble burst. It took you 14 years to get your money back. ”
“So I think there are bubbles. They are just spreading. The smart money is that you can get out early. Better to get off early than late. Diversify your investment portfolio. Protect yourself because in the end every party is over and when it’s over no one will tell you in advance, “concludes Payne.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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