JPMorgan strategist advises investors to sell cryptocurrencies and buy stocks

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Global strategist of one oflargest investment banks JPMorgan David Kelly believes that until the US Federal Reserve develops a plan to overcome the economic crisis, investors should hedge their bets.

David Kelly gave severaladvice to those who are concerned about the aggressive behavior of the Fed and the ongoing crisis in the cryptocurrency markets. According to him, investors should now focus on defense and evaluation of their actions, rather than short-term investments. 

Businessman offers to invest in shares,long-term bonds and their alternatives, which will bring, albeit small, income. However, he recommended selling digital currencies and avoiding large-cap technology stocks and Bitcoin. 

According to him, the economic situation will stabilize next year, but he advised against making big bets on this, since the Fed's behavior in the current environment is very unpredictable.

“The Fed is overestimating the strength of the US economy,”because he feels guilty that inflation skyrocketed when they took control of the matter. The big question now is how much more damage the Fed will do to the economy,” Kelly said.

In his opinion, the US economy will beon the brink of recession until the Fed eases efforts to curb inflation. Recently, Fed Chairman Jerome Powell said the economy has “one foot in recession and one foot on a banana peel.”

Earlier, JPMorgan analysts reported that the “contagion effect” from the collapse of Terra had been overcome, and the future transition of the Ethereum network to PoS would have a beneficial effect on market growth.