Anything But Crypto And Tech: Hall Of Famer Investor Warns Of 'Bubbles'

Institutional investor Rich Bernstein said that cryptocurrencies were at the wrong end of the see-saw of marketplace.

"On one side, we have all that I would call the bubble assets: tech, innovation disruption, cryptocurrencies. On the other side of this see-saw, you have literally everything else in the world," Bernstein told CNBC Friday. "If you’re looking at 2022 into 2023, you want to be in the 'everything else in the world side' of that see-saw."

Bernstein, the Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors LLC, has consistently raised skepticism over the crypto craze. The cryptocurrency market value has boomed 286% from $776 billion on Jan. 1 to $3 trillion up to Nov. 9 before the current bearish trend set in.

He said Bitcoin is expected to fall as much as 90% from its current prices soon. “I think one wants to wait to look at the true fundamentals, and look at the valuations before deciding that this is all over,” Bernstein said.

He also stated that these investment 'bubbles' will hurt investors just like they did in 2000s. The statement from Bernstein comes at a time when the world's biggest cryptocurrency with a market dominance of 41.32% as of 2:13 a.m. ET is struggling at $48,785.69, just above an important support and below a key resistance of $53,000.

The BTC token is off 28.81% from its all-time high of Nov. 9, data from CoinMarketCap shows. The coin, however, is still up 74,638.39% from its all-time low of around $65 eight years ago.

Bernstein said in June that the speed with which people, institutions, and groups were buying cryptocurrencies is dangerous and not natural. “Cryptos are the biggest financial bubble ever in history,” said Bernstein. “This is just a monster one.”