American investor Lee Cooperman does not view the current bear market cycle as subsiding. On CNBC’s Squawk Box on Tuesday, the billionaire ripped against Special-Purpose Acquisition Companies (SPACs), Non-Fungible Tokens (NFTs), and cryptocurrencies, calling them “junk” that had contributed to the market bleed.
“It’s a bear market,” Cooperman remarked. “We went through one of the most speculative eras I’m aware of, with SPACs and all that nonsense.” “Cryptocurrencies and NFTs, I believe, are unlikely to return to a bull market anytime soon.”
Cooperman, the CEO of Omega Advisors, went on to blame the US Fed for pursuing distorted monetary policies that seemed to exacerbate already inflated inflation. He said that he was worried that the market had been hurt by a bad mix of financial market policies for a long time and that the current drop was a result of those failures.
Cooperman doesn’t see any signs of a soft landing, even though the price increases are likely to slow down consumer demand, which has been higher than supply, which has caused prices to go up.
According to him, the market is expected to face additional pain “for an extended period,” with equity market returns being quite small. Last year, he advised people to be “very cautious” about Bitcoin, claiming that it did not make a lot of sense.
