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Bitcoin is a bubble, but oil is the most neglected in the bull market, says Rich Bernstein

Institutional Hall of Fame Richard Bernstein warns Bitcoin.

He warns that Bitcoin is a bubble and cryptocurrencies are keeping investors away from the market groups that have been placed to get the most profits, especially oil.

“It’s pretty wild,” said Richard Bernstein Advisors CEO and CIO on CNBC.Trading country“On Monday.” Bitcoin is in a bear market and everyone loves its assets. And oil was in a bull market, and it’s basically you’ve never heard of it. People don’t care. “

Bernstein, who has spent decades on Wall Street, calls oil the most neglected bull market.

“This major bull market is going on in commodities, and everyone says it doesn’t matter,” he said.

WTI Crude Oil Is trading at the highest level since October 2018. Settled at $ 70.88 on Monday, up 96% over the past year.

Bitcoin It could have increased by 13% in the past week, but has decreased by 35% in the last two months.

Read more about cryptocurrencies from CNBC Pro

Bitcoin surged last year, but Bernstein suggests that returning to these levels is unsustainable. He believes that the rush to own Bitcoin and other cryptocurrencies has become a dangerous parabola.

“The bubble is different from speculation in that it pervades society. It’s out of the financial markets,” he said. “Sure, now in cryptocurrencies, and perhaps most tech stocks, we’re starting to see it happen where people are talking about them at cocktail parties.”

Bernstein is currently the most bullish on companies that are not built to innovate or disrupt the economy.He went 2019 technology stocks are bearish..

“Your portfolio can suffer a lot.”

Bitcoin is a bubble, but oil is the most neglected in the bull market, says Rich Bernstein

Source link Bitcoin is a bubble, but oil is the most neglected in the bull market, says Rich Bernstein

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