‘Stay away from cryptos and definitely stay away from Bitcoin’
One of the largest investment firms in the world warns against the digital currencies and says it is wise to stay away from cryptos.
JPMorgan comes with this advice in a report. A key strategist writes that it is wise to focus on valuations, invest in value stocks, sell crypto and avoid Bitcoin. He is also concerned about America’s economy and believes that its strength is overestimated.
Stay away from cryptos
David Kelly, JPMorgan Asset Management’s chief global strategist, has advice for investors. After a speech by Federal Reserve Chairman Jerome Powell Friday in Jackson Hole, Wyoming, he was quoted as saying: The economy now has one foot in recession and the other on the banana peel.
Kelly warned of more volatility in the future and stressed that investors should focus on defensive actions and valuations rather than short-term direction. Such as investing in value stocks, long-term bonds and income-generating alternatives. The strategist advised investors to sell crypto while avoiding major tech stocks and Bitcoin: Be overweight US and international value, as well as stocks with relatively low P/E ratios.
more normal
He also pointed to the possibility of a recession. But by the end of next year, the economy will feel more ‘normal’.
His boss, JPMorgan CEO Jamie Dimon, warned earlier this month that “something worse” than a recession could be coming. In June, he said an emerging economic hurricane was imminent and advised investors to brace themselves. One of the reasons for this is the demise of the digital currencies and the loss that many people are now experiencing.
