On June 14th (Monday) local time, Richard Bernstein, a member of the Institutional Investor Hall of Fame and the founder and CEO of Richard Bernstein Advisors (Richard Bernstein Advisors) Coin issued the latest warning.

Bernstein has worked on Wall Street for decades. Before founding his own consulting firm in 2009, he served as the chief investment strategist at Merrill Lynch for many years. He warned that Bitcoin is a bubble, and the cryptocurrency boom is keeping investors away from market groups that are ready to grab the most profits, especially oil.

“It’s crazy,” he said on a show. “Bitcoin has always been in a bear market, but everyone loves this asset. And oil has always been in a bull market. Basically, you have never heard of it. People don’t concern.”

Bernstein believes that the oil market is the most overlooked bull market. He said, “The commodity market is going through a big bull market, and everyone is saying that it doesn’t matter.”

WTI crude oil is currently at its highest level since October 2018. It closed at $70.88 on Monday, a 96% increase in the past year. While Bitcoin may indeed have risen by 13% in the past week, it has fallen by 35% in the past two months.

Bernstein believes that despite the rapid rise in Bitcoin last year, it is unsustainable to return to this level. He pointed out that the eagerness to own Bitcoin and other cryptocurrencies has become dangerous.

“The difference between bubbles and speculation is that bubbles are everywhere in society and they are not limited to the financial market,” he said. “Of course, today’s cryptocurrencies, like most technology stocks, you start to see people talking about them at cocktail parties. .”

Bernstein pointed out, “If you stand in the wrong position on the seesaw in the next one, two, or even five years, your portfolio may suffer huge losses. If you want to stand on the side of the seesaw, that is to support inflation. There, but most people don’t invest in this side.”

Bernstein predicts that inflation will surprise many investors, but he predicts that at some point, the trend will change. He added, “After 6 months, 12 months or 18 months, growth investors will buy energy, materials and industrial sectors because this will be the direction of growth.”

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