David Tice Turns Bearish On Bitcoin And Big Tech: It's Very Dangerous To Hold Today

What Happened: Fund manager David Tice is bearish on the current outlook for both equity markets and crypto.

In an interview with CNBC, Tice cautioned investors to be wary of their Bitcoin BTC/USD holdings, calling the current market "dangerous."

“We had a bitcoin position when bitcoin was at $10,000,” Tice said. “However, when it got to $60,000 we felt like that was long in the tooth... Lately, there’s been a lot more uproar from central bankers, Bank for International Settlements [and] the Bank of England have made profound negative statements. I think it’s very dangerous to hold today.”

Tice isn’t convinced that equity markets will hold up either and stated that he thinks a “market meltdown is unavoidable.”

Read also: Bitcoin As A Store Of Value Is 'An Open Question,' Says Millionaire Star Bill Miller

In his view, Big Tech stocks like Facebook Inc FB, Apple Inc AAPL, Amazon.com Inc AMZN, Netflix Inc NFLX, and Alphabet Inc GOOGL are overvalued.

“A lot of money has been thrown at Alphabet and Microsoft, Apple and Facebook, Twitter, etc.,” he said. “Costs are going up in that sector.”

Why It Matters: Tice is not the only fund manager to present his bearish outlook on crypto markets this month.

Last week, famous gold bull Jeffrey Gundlach told CNBC that the Bitcoin chart “looks pretty scary here.”

However, Gundlach noted that a buying opportunity under $23,000 could present itself to those who weren’t phased by the cryptocurrency’s extreme volatility.

Price Action: At press time, Bitcoin was trading at $31,300, down 1.42% over the past 24-hours.