Wall Street veteran and 'The Big Bitcoin Book' author Fred Krueger has a stern warning for investors

Krueger wrote on X on May 9 that it is high time that traditional investors begin to buy Bitcoin, as the value from investing in the tech sector has been dipping.

Wall Street veteran and ‘The Big Bitcoin Book’ author Fred Krueger has a urgent message for investors in the traditional finance (TradFi) industry.

According to the analyst, it is high time that traditional investors begin to buy Bitcoin, as the value from investing in the tech sector has been dipping. In fact, there is little time left before Bitcoin is worth more than any equity.

Krueger told his followers on X that traditional investors have been betting on QQQ — the Nasdaq 100 index — for the past 15 years. Other than the Magnificent Seven, the result of betting on the "American Tech Machine" has proven to be mediocre.

The analyst said that these stocks are now offering price-to-earnings (P/E) ratios of 35. It means investors are paying $35 for every $1 of a company's earnings — hardly worth it. Even these stocks are about to hit "a wall of protectionism," he added.

Tech stocks (other than the Magnificent Seven) have delivered mediocre returns for the past 15 years.

P/E 35 on these stocks is no joke. They are about to hit a wall of protectionism.

Those who have been loaded up on tech stocks should be switching to #Bitcoin. But they won't. And those who buy…

— Fred “Lefty” Krueger (@LeftyBTC) May 9, 2024

The analyst urged investors loaded on tech stocks to opt for Bitcoin. He, however, rded that most of the investors won't buy it, and those who buy the king coin won't buy enough of it.

On May 8, Bitcoin's price surpassed the $100,000 level for the first time since early February. Its price neared $105,000 on May 10 as the U.S.-China tariff talks began in Switzerland.

Krueger predicted that Bitcoin's price will move from $110,000 to $150,000 quickly.

As per Kraken's price feed, the cryptocurrency was trading at $104,025 at press time.