Despite the repeated record highs of the US stock market and the outstanding performance of AI chip giant Nvidia, American economist Harry Dent warned on the 10th that an epic stock market crash is imminent, with the Nasdaq Composite Index potentially plunging by 92% and Nvidia’s stock price plummeting by 98%. It is worth noting that in December of last year, he stated that he would buy Bitcoin after the market hits bottom.
According to Fox Business, American economist and founder of HS Dent Investment Management Harry Dent warned in December of last year that a once-in-a-lifetime crash is coming. In a recent interview, he has not changed his view, stating that although the bubble has not burst yet, what may be coming is a larger crash than the 2008 financial crisis.
US stocks have been hitting record highs in recent years, with the Nasdaq Composite Index up over 16% so far this year, the S&P 500 Index up over 13%, and the Dow Jones Industrial Average up 3%. AI chip giant Nvidia has surged over 152% so far this year, with a market value surpassing $3 trillion. However, Harry Dent predicts that when the bubble finally bursts, the S&P 500 Index may fall by 86% from the top, the Nasdaq Composite Index may fall by 92% from the top, and even though Nvidia is a hero-level stock and a great company, its stock price will drop by 98%, and everything will come to an end.
The only modification Harry Dent made was the timing of the crash, pointing out that the market bottom may occur sometime between early and mid-2025.
Having previously recommended buying Bitcoin
Believing that the “mother of all bubbles” will burst, Harry Dent advised investors to withdraw funds from the stock market in December of last year. He also said that if they must have a new investment target, he would choose Bitcoin.