An investment expert who foreshadowed the recent Bitcoin (BTC) correction says no other market than cryptocurrencies is a better investment.
Peter Grandich points to value metals instead of Bitcoin
Peter Grandich, one of the famous investment experts, shared in a recent interview that he is bullish on uranium, gold, silver and copper stocks. Grandich says in a blog post that he sold a number of his positions at a loss to buy Arizona Metals Corp. (AMC), which is now up 8.36 percent. Arizona Metals owns 100% of the Kay Mine Project (Yavapai County) and the Sugarloaf Summit Gold Project in Arizona. Grandich also said that the current decline in copper and gold prices recently was due to its general selling. The investment expert’s expectation from cryptocurrencies is not very encouraging…
As we reported as Kriptokoin.com, the crypto market went down before the US inflation data announced on May 13. According to the announced data, the US inflation data was 1.3% on a monthly basis and 9.1% on an annual basis. These rates were well above the expected estimates. The data that was disclosed received backlash from the crypto community. Binance CEO made harsh statements from Twitte.
Peter Grandich’s expectations from cryptocurrencies
Grandich also stated that he is not considering investing in cryptocurrencies, which he previously called the 21st century equivalent of the tulip craze. At the time of writing, Bitcoin price is about 70% down from its November peak. The long-term support level is trading below $20,000.
Peter Grandich announced last year that he is not interested in any stocks, bonds or cryptocurrencies. However, Grandich thinks that Blockchain technology has a lot of potential. According to the expert, Blockchain will lead to some high-potential businesses such as the internet bubble.
Grandich predicts housing collapse and recession
In the interview, Grandich explained that after stocks, bonds and cryptocurrencies “exploded”, the next domino would be a housing disaster. The US predicts the market will fall by 20% to 40% quickly. Grandich also addressed concerns about the US economy. He claims that the US is already experiencing a recession.
According to the Atlanta Fed’s GDPNow model, there was a 2.1% drop in growth in the second fiscal quarter. GDP growth for the first quarter has already been determined to be -1.8%. This shows that GDP growth has been negative for two quarters. This is often considered the definition of recession among professionals. The Bloomberg Recession Forecast has stated that the probability of a recession in the next 12 months is 38%.
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