OTCbid - 'Recession is coming next year': time to sell stocks, buy Bitcoin – Mashinsky
" A recession will hit the U.S. next year as the Federal Reserve puts a lot of pressure on the economy with its aggressive monetary policy tightening, said Celsius Network CEO Alex Mashinsky.
One of the best strategies going into this environment is not to fight the Fed. In this case, it means getting out of the U.S. stock market, Mashinsky told Kitco News' Editor-in-Chief Michelle Makori and anchor David Lin on the sidelines of Bitcoin 2022 in Miami.
"I normally say don't fight the Fed. Fighting the Fed right now is owning stocks, owning equities … I sold all my stocks. If you don't want to fight the Fed, get out of the way," he said. "We will have a recession next year … The Fed is putting a lot of pressure on the economy by hiking rates and taking liquidity out of the market. [And we] shut down the ninth-largest economy in the world — Russia. That's huge recessionary pressure on our economy."
And after closely mirroring the performance of tech stocks, Bitcoin is ready to separate and begin its move towards the $100,000 level — a target that Mashinsky is forecasting for this year.
"From the beginning of the year, the stock market has been down, but Bitcoin has recovered most of its losses. We are seeing separation, meaning Bitcoin is finally starting to behave as a safety asset. That's why I am selling my stocks and buying more Bitcoin," he said.
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