Analyst who predicted the financial crisis promises an imminent collapse of the entire cryptocurrency sector

Financial analyst Michael Berry, famous for predicting the global financial crisis in 2008, is warning investors about the biggest crash in history in the money asset markets. on August 31, he posted on Twitter a graph of the S&P 500 stock index of US equity companies, which shows an 18% drop from its peak in December 2021.

Berry often warned of an imminent market crash. In June 2021, the analyst warned that the irrational fear of losing the ability to trade cryptocurrencies and stocks on memes would likely end in disaster for overly active retail traders. «When the price of cryptocurrencies falls from trillions of dollars or meme stocks fall from tens of billions, the losses approach the size of countries,» the analyst said on Twitter.

Earlier, Berry warned that rising consumer debt is another indicator of future economic problems. Other financial experts share Berry’s opinion. In particular, Jeremy Grantham argues that the combination of inflated asset prices and the Federal Reserve’s fight against inflation could lead to a market crash. While it’s hard to predict what exactly will happen to the cryptocurrency sector in the distant future, it’s hard to disagree that Berry’s predictions often come true.