This is the biggest bubble of all-time, and it’s going to 'haunt us' - Peter Grandich
Peter Grandich, founder of Peter Grandich & Co., discusses what he believes are the asset classes that are critically overvalued right now.
Grandich said that first and foremost, the stock markets are overvalued across the board right now.
“The last two financial crises, in 2008 and 2000…were centered primarily on one or two industries. The last one was mortgage and real estate, which was led to the overall crisis, and before that it was the internet bubble. Now, unfortunately, there is a more widespread overvaluation enthusiasm beyond belief in a wide variety of sectors at a time when socially, politically, and even economically, both here and abroad…we’re in some very, very dep troubled times, perhaps the most troubled times for America, ever,” Grandich told David Lin, anchor for Kitco News.
On Bitcoin, Grandich said that following the Coinbase IPO, the price has reached a peak for now.
“In recent weeks, up to that [Coinbase] IPO, because of those tremendous gains, and simply just for those reasons, I began to, certainly to anyone who wants to listen, to suggest that maybe it’s time to take something off the table,” he said.
He added that Bitcoin is the most hyped asset he’s ever seen, and due to mass hysteria around it, he is now suggesting to not even own it anymore.
Grandich’s comments on Bitcoin come as Turkey outlawed cryptocurrencies as a form of payment last week, while on Sunday, China declared that Bitcoin could be an “investment alternative.”