š„Banking Titan JPMorgan Recommends To Steer Clear of Bitcoin (BTC) Amid High Risk of a Recession: Reportš„
The chief global strategist at JPMorgan Asset Management is reportedly warning investors to avoid Bitcoin (BTC) as the threat of a recession looms.
In a new Bloomberg report, David Kelly says that thereās a high risk of recession and further volatility.
āThe economy has got one foot into a recession and the other on the banana peel now.ā
Kellyās comments come after U.S. Federal Reserve Chairman Jerome Powell gave a speech at the Fedās annual meeting that rattled markets last Friday. Powell said that the Fedās primary goal is bringing inflation back down to 2% and therefore does not plan to lower interest rates in the short term.
Says Kelly,
āThe Federal Reserve is overestimating the strength of the US economy as it feels guilty about the fact that inflation went up under their watch.ā
The JPMorgan strategist also predicts the economy will feel āmore normalā by the end of 2023. He suggests staying away from Bitcoin and large-cap tech stocks. He also advises selling crypto.
āMake sure you overweight US and international value, as well as stocks with relatively low price-to-earnings ratio.ā
Bitcoin is trading at $20,341 at time of writing. The top-ranked crypto asset by market cap is flat on the day and down nearly 7% in the past seven days.
https://dailyhodl.com/2022/08/31/banking-titan-jpmorgan-recommends-to-steer-clear-of-bitcoin-btc-amid-high-risk-of-a-recession-report/