It is said that bitcoin cannot be ignored because it is gold – market and prices bitcoin news

Long-term Wall Street bear and bitcoin holder, David Tice, predicts that the stock market will fall by 30% in a retreat that will continue for two years. Although veteran investors are not giving specific start dates for this recession, they warn that when it breaks, “it is likely to be a difficult break and investors will suffer for a long time.”

Biden Administration Policies

In a comment made during an interview, Tice, who claims to have “faith in the Austrian School of Economics”, points to “trade-immoral policies from Washington” as one of the major reasons for his pessimism. Specifically, the veteran investor attacked some of the early decisions of the Biden administration:

We now have a Biden administration consisting of a Senate and a House. They are likely to implement very anti-capital policies. They have already raised the minimum wage. This is hurting earnings at cost.

Tice also says that “easy monetary and fiscal policies that support money printing will also sting Wall Street.” He concluded that this “is not good for the financial markets.”

Meanwhile, veteran investors, sometimes referred to as “permit” bears, remain in the current euphoria around the Kovid-19 vaccine rollout. According to Tice, “the vaccine is not really a panacea”, especially now that “there are new strains of the virus, and certainly the risk is afoot.”

Nevertheless, Tice, a former manager of the Prudent Bear Fund, acknowledges that his timing has not always been on the mark. In addition, perma Bear’s current fund, which is also designed to benefit from underperformance, is down 32% in the past three months.

Bitcoin foreshadows gold

On the other hand, Tice says it expects “more than 25%” to be a top asset for investors after the March 23 stock market bottom. Additionally, the veteran investor feels that “gold is dramatically owned by individuals and portfolio managers.”

Further to his belief that “gold stocks are incredibly cheap”, Tice says that the performance of bitcoin can be seen as an indicator of the future performance of the precious metal. Tice says:

I do not think that bitcoin can be ignored. “We have seen that the price of bitcoin is $ 10,000 to $ 40,000 which I think could possibly be in gold.

In 2008, Tice sold the Prudent Beer Fund and the fund had risen in value at a 7.97% annualized rate at the time, while the S&P 500 lost 1.38% annually. It can be seen whether Tice, which claims “1998, 1999 and early 2006 to 2006”, could benefit from its latest recession forecast.

Do you agree with Tice that what could happen to bitcoin gold? Tell us what you think in the comments section below.

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