American billionaire hedge fund manager Lee Cooperman does not see the ongoing bear market cycle subsiding – at least in the foreseeable future – and blames the marketwide sell-off to among other reasons, crypto.
Speaking to CNBC’s Squawk Box Tuesday, on top of attributing the markets’ plunge to global macro-economic factors, the businessman tore into Special-Purpose Acquisition Companies (SPACs), Non-Fungible Tokens (NFTs), and cryptocurrencies referring to them as the “crap” that had contributed to the market bleed.
“It’s a bear market,” said Cooperman. “We’ve gone through one of the most speculative periods I’m aware of: SPACs and all that kind of crap that was going on. Crypto and NFTs, I think it will be unlikely to go back into a bull market any time soon.”
Cooperman, who is at the helm of Omega Advisors went on to condemn the US Fed for leapfrogging skewed monetary policies which seemed to only fire up the already bloated inflation. He stated that he was very concerned that...
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