100%+ BTC price gains? Bitcoin faces 'massively overvalued' stocks
Bitcoin posted a classic "Uptober," but risk assets across the board risk a serious contraction, forecasts warn. Bitcoin (BTC) will “reassert” itself to deliver over 100% annual BTC price gains, says one of the crypto industry’s major proponents. In an interview with CNBC airing Oct. 5 and published Oct. 31, Dan Morehead, CEO of hedge fund Pantera Capital, predicted continued crypto expansion. Morehead: "We could easily see" 40% stocks meltdown Bitcoin closed October up 29%, seeing its second best month of 2023 and returning to 18-month highs in the process. Eyeing macroeconomic conditions, however, Pantera’s Morehead and others are concerned about another risk asset class — what he describes as “massively overvalued ” stocks . “Equities are overvalued because the P/E is the same level it was when rates were falling, but now rates are much higher and rising,” he told CNBC. “If you took the 50-year average equity risk premium with a 5.00% 10-year note, equities shou...