Institutional Investor Hall of Famer Richard Bernstein is sounding the alarm on bitcoin.
He warns bitcoin is a bubble and crypto fever is pushing investors away from the market groups positioned to grab the biggest gains, particularly oil.
“It’s pretty wild,” the CEO and CIO of Richard Bernstein Advisors told CNBC’s “Trading Nation” on Monday. “Bitcoin has been in a bear market, and everybody loves the asset. And, oil has been in a bull market, and it’s basically, you never hear anything about it. People don’t care.”
Bernstein, who has spent decades on Wall Street, calls oil the most ignored bull market.
“We’ve got this major bull market going on in commodities, and all people are saying is that it doesn’t matter,” he said.
WTI crude oil is trading around its highest levels since October 2018. It settled at $70.88 on Monday and is up 96% over the past year.
Bitcoin may be up 13% over the past week, but it’s still down 35% over the past two months.