A massive, "everything bubble" will burst in 2025, resulting in a crash and possibly a depression.
That’s according to renowned economist Harry Dent. The scenario, while bleak, will present a potentially massive Bitcoin (CRYPTO: BTC) buying opportunity.
“I can tell you one thing: bubbles never, ever end well. There’s no way to go from [an] extreme bubble and have a soft landing. Now, that’s what seems to be happening right now, and we’ll see. But I tell people, give [it until] 2025,” Dent told Fox News Digital.
The Details: Dent said the current market rally, which has sent Bitcoin and the SPDR S&P 500 (NYSE:SPY) to new all-time highs following the election of Donald Trump, will not last long.
Wall Street and retail investors are “going along” with the post-election rally, but Dent said being in the current market is like being on the Titanic.
“When everybody gets on the boat, that's when the Titanic sinks,” he said. “So I think everybody’s in the boat about now.”
The economist expects Trump’s fiscal policies will not be enough to prevent a cyclical crash because the underlying economic issues are tied more to private debt than federal debt.
Dent estimates that total private sector debt in the U.S. is around $630 trillion and growing at a rate five times faster than global gross domestic product. The “trillion-dollar question” is when the downturn begins, and Dent predicts a crash in mid-2025.
“So I think the next few years is likely to be ugly. The question mark is, when does the darn thing start?” Dent said. “I think the central banks know this better than anybody. They just can’t say it because they don’t want to scare anybody.”
Dent On Bitcoin: Dent revealed he recently purchased more Bitcoin and sees the cryptocurrency buoying markets through the first half of 2025. He cautioned, however, that a broad market crash could send the price of Bitcoin down to $15,000 or $16,000 levels which he sees as "the buy of a lifetime."
“Bitcoin, I see going up to $800,000 to $1 million by 2037 to ’40. So I’ve got a long way to go," Dent said.
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