According to recent reports from international media, veteran Wall Street analyst Peter Boockvar has warned that the cryptocurrency market is on the brink of a major downturn. While he isn't certain whether this will happen suddenly or gradually, he believes it's inevitable and represents a significant shift in the market's trajectory. As the chief investment officer at Bleakley Consulting Group, Boockvar has long been skeptical about the sustainability of the crypto boom. He argues that the current market is inflated with speculative hype, comparing it to a classic bubble. "When something shows a parabolic rise, it's only a matter of time before it crashes back down," he said, emphasizing the dangers of unchecked speculation. Boockvar predicts that Bitcoin could drop by as much as 90% from its current level, calling the situation a "typical bubble." He remarked, "If Bitcoin falls to between $1,000 and $3,000 next year, I won’t be surprised at all." This projection echoes the price levels seen around this time last year, when Bitcoin was trading just above $11,000. He also links the crypto surge to the global monetary policies of central banks, particularly the Federal Reserve. According to him, the easy money environment created after the 2008 financial crisis fueled the cryptocurrency boom. However, as interest rates begin to rise, the bubble may soon burst. Boockvar raised an important question: "If there had never been excessive monetary easing, would the crypto boom even have happened?" His concern is that without the backing of loose policy, the market might not have grown so rapidly. In his view, once the crypto market faces a correction, it could trigger a broader shift in investor behavior. He believes that high-risk assets like cryptocurrencies could lose their appeal, and even the stock market might suffer indirectly due to changing sentiment. However, he stresses that this would be more about psychology than economic fundamentals.
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