Investment Advisor Says Bitcoin is “Very Dangerous To Hold Today”, Citing Regulatory Warnings – Bitcoin News

Investment advisor and former manager of the Prudent Bear Fund, David Tice, has warned against investing in Bitcoin. Citing “negative statements” from central bankers and regulators such as the Bank of England, he said that it is “very dangerous” to hold bitcoin today.

Investment advisor David Tice warns against investing in Bitcoin

David Tice, who sold his bear fund in the wake of the 2008 financial crisis, spoke about the stock market and bitcoin in an interview with CNBC on Friday. As a former manager of the Prudent Bear Fund, Tice is known for placing bearish bets in bull markets. Today he advises the Exchange Traded Fund (ETF) of Advisorshares Ranger Equity Bear, which manages $ 70 million in assets.

Tice was a bitcoin bull earlier this year, but he turned bearish when the price of the cryptocurrency hit an all-time high in March. He has now warned investors in the crypto space that it is very dangerous to hold BTC right now.

“We had a bitcoin position when bitcoin was $ 10,000. But when it hit $ 60,000, we felt it was getting on in years, “he said:

There has been much more turmoil lately from central bankers, the Bank for International Settlements, [and] the Bank of England has made profound negative statements. I think it’s very dangerous to hold today.

Bitcoin isn’t the only market Tick considers dangerous. He also thinks it is very dangerous to be on the stock market. “The market is very overpriced in terms of future returns. We’re adding debt like we’ve never seen before. We have very strange behavior in the treasury market with interest rates falling dramatically, ”he explained.

The Bank of England has been very loud in its opinion on cryptocurrency. UK Central Bank Governor Andrew Bailey said in May that cryptocurrencies are dangerous and have no intrinsic value. He said investors should put money in cryptocurrencies if they expect to lose it all. The President of the European Central Bank (ECB), Christine Lagarde, agreed.

Bailey also predicted that cryptocurrencies won’t last. In addition, he said in June that there will inevitably be elements of hard love in crypto regulation.

Last week, Bank of England Deputy Governor Jon Cunliffe said he believed cryptocurrencies weren’t big enough to pose a risk to financial stability.

What do you think of David Tice’s comments? Let us know in the comments section below.

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