Ryan Payne, who is the founder and president of Payne Capital Management (PCM), says that crypto is \u201cone of the biggest bubbles ever,\u201d and will result in an \u201cugly\u201d market crash.<\/p>\n
PCM is \u201can independent NYC financial advisor and planner located in New York City and Philadelphia, servicing clients across the globe\u201d.<\/p>\n
In his role as the PCM president, Payne \u201cco-designs the firm\u2019s investment and financial planning strategies, while\u00a0supervising all the financial advisors\u00a0to ensure PCM\u2019s distinctive ideas and philosophies are\u00a0properly implemented.\u201d He also \u201cdirects PCM\u2019s educational initiatives to inform the public\u00a0about goal-based financial planning and investing\u201d.<\/p>\n
In a recent interview with Yahoo Finance, Payne echoed the sentiments of billionaire Charlie Munger by claiming the current financial landscape is out of control.<\/p>\n
This era is even crazier than the dot-com era.<\/p>\n
According to Payne, Bitcoin and other cryptoassets represent a substantial bubble in the financial sphere and may be one of the largest bubbles in history:<\/p>\n
This whole Bitcoin thing \u2013 this whole cryptocurrency \u2013 is one of the biggest bubbles ever.<\/p>\n
Payne predicted that the bubble would eventually burst, saying \u201cit\u2019s going to be ugly.\u201d The long-time financial advisor noted that crypto\u2019s total market cap is hovering over $2 trillion, in comparison to dot-com stocks which were worth half a billion ($1 trillion in today\u2019s dollars).\u00a0<\/p>\n
Despite claiming the crypto markets are in a bubble, Payne believes that the price of Bitcoin will climb higher as a result of excess liquidity in the markets. He compared cryptoassets to a casino, saying the abundance of money being poured into the industry is making it \u201cbigger and bigger.\u201d<\/p>\n
Payne blasted crypto for not being used commercially, and said the industry was \u201cjust more people speculating.\u201d He drew a parallel between the crypto markets and the previous tech and housing bubble, and recommended investors pursue cyclical stocks instead.<\/p>\n