Wall Street veteran Peter Boockvar predicts an epic crash will hit the cryptocurrency market.
He isn’t sure if that will’ll come to a grinding halt or be a slow along with also steady drop — yet he says that will’s coming.
Boockvar, chief investment officer at Bleakley Advisory Group, is usually certain crypto is usually in a giant bubble, along with also the air is usually already coming out.
“When something goes parabolic like This kind of has, that will typically ends up to where that will parabola began,” he said on CNBC’s “Futures currently.”
Boockvar, a CNBC contributor, contends bitcoin is usually in danger of dropping 0 percent coming from current levels. He calls that will a classic bubble.
“I wouldn’t be surprised if over the next year that will’s down to $1,000 to $3,000,” he added.
that will’s where bitcoin, the largest cryptocurrency player, was trading less than 12 months ago. Friday afternoon that will was trading above $11,000.
Boockvar sees the collapse coming in tandem as interest rates rise around the globe. He blames central banks, including the Federal Reserve, for the cryptocurrency craze due to their easy money policies that will were designed to ease the effects of the global financial crisis.
“You have to wonder if we never heard of quantitative easing, could there have been cryptocurrencies?” Boockvar asked rhetorically in Thursday’s interview.
Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change. According to Boockvar, the stock market could see collateral damage, yet that will could all be based on psychology — not on anything that will’s fundamentally wrong with the economy.