PCM is “an independent NYC financial advisor and planner located in New York City and Philadelphia, servicing clients across the globe”.
In his role as the PCM president, Payne “co-designs the firm’s investment and financial planning strategies, while supervising all the financial advisors to ensure PCM’s distinctive ideas and philosophies are properly implemented.” He also “directs PCM’s educational initiatives to inform the public about goal-based financial planning and investing”.
In a recent interview with Yahoo Finance, Payne echoed the sentiments of billionaire Charlie Munger by claiming the current financial landscape is out of control.
This era is even crazier than the dot-com era.
According to Payne, Bitcoin and other cryptoassets represent a substantial bubble in the financial sphere and may be one of the largest bubbles in history:
This whole Bitcoin thing – this whole cryptocurrency – is one of the biggest bubbles ever.
Payne predicted that the bubble would eventually burst, saying “it’s going to be ugly.” The long-time financial advisor noted that crypto’s total market cap is hovering over $2 trillion, in comparison to dot-com stocks which were worth half a billion ($1 trillion in today’s dollars).
Despite claiming the crypto markets are in a bubble, Payne believes that the price of Bitcoin will climb higher as a result of excess liquidity in the markets. He compared cryptoassets to a casino, saying the abundance of money being poured into the industry is making it “bigger and bigger.”
Payne blasted crypto for not being used commercially, and said the industry was “just more people speculating.” He drew a parallel between the crypto markets and the previous tech and housing bubble, and recommended investors pursue cyclical stocks instead.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.