MAI Capital’s Chris Grisanti expects crypto to underperform in 2022
In a recent interview on CNBC’s “The Exchange,” Chris Grisanti, chief equity strategist at MAI Capital Management, opined that 2022 would likely be a tougher year for crypto.
Grisanti says the new asset class will likely become the victim of its own success, predicting that various countries around the world will step up their regulatory game:
There will be calls for regulations from all over the place (from China, from Europe, here in the U.S.).
He expects altcoins to take the worst hits, saying Bitcoin and Ethereum, the two largest cryptocurrencies, will be able to withstand a possible regulatory attack.
Grisanti says that Bitcoin will actually benefit from regulations because institutions will grow more comfortable with the idea of adding “digital gold” to their portfolios.
The analyst is also bullish on Amazon stock (AMZN) despite the ongoing tech carnage.
The flagship cryptocurrency is currently trading at $43,472 on Bitstamp after a small relief rally. Earlier today, it dropped to a new yearly low of $42,414.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz estimated that Bitcoin would find the bottom of the current correction at $ 38,000.
