Market Disaster Looming, Don't Get Excited About Bitcoin Yet Cautions Gareth Soloway

The Daniela Cambone Show

“I actually have a very bearish outlook for the second half of this year,” warns Gareth Soloway, president and CFO of InTheMoneyStocks.com. He predicts a 20% correction in the S&P 500 Index and that inflation will linger around 3% for several years. “The problem is wages have gone up and it becomes very sticky. Once those wages go up, it’s very hard to get that genie back in the bottle,” he says. He believes the Fed will not come to rescue as it did in the early stages of the pandemic with quantitative easing and that’s when “real panic sets in.” Plus, he remains bearish about bitcoin. “Leading into the potential default for the U.S. government, this is when bitcoin needs to shine. We saw it shine with the banking crisis. The potential for a default should be seeing even more price action to the upside... If we're not getting a bigger move later this month in bitcoin, I would start to get very bearish."

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