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While talking to CNBC host Becky Quick, a savvy tech investor, cofounder at Silver Lake Partners and chairman at North Island, Glenn Hutchins, was asked to give his outlook for 2022.
He shared "just a few thoughts" on the future of the market next year and urged investors to dispose of Dogecoin and meme stocks before 2022 arrives.
"Easy money is turned off"
Hutchins stated that as we are moving into the period in which interest rates are increasing globally, easy money will be turned off. The Bank of England seems to be the first lark here as it has announced an interest rate hike of 0.25%.
He said that investors should start getting rid of meme stocks and Dogecoin. He also reckons that as interest rates start increasing, prices for food and fuel will surge and emerging markets will suffer first—countries like Brazil, Russia, Egypt, Mexico, etc.
"We move into a situation where interest rates are increasing, easy money is turned off," says Glenn Hutchins on his predictions for 2022. "Dispose of the frothy end of the market meme stocks.... #dogecoin." pic.twitter.com/cKF3Obbg32
— Squawk Box (@SquawkCNBC) December 17, 2021
Doge and SHIB expand in terms of trading and adoption
Meanwhile, leading meme cryptocurrencies DOGE and Shiba Inu are expanding in terms of being accepted by major retail companies and are getting listed on major exchanges around the world.
In particular, DOGE and other cryptos have become accepted by gaming giant Nexon. SHIB is now accepted by a bunch of major retailers, including Flexa (which covers almost 40,000 retail stores in the U.S.), Gamestop, Nordstorm and Bed Bath & Beyond.
Besides, perhaps the biggest news recently was announced by Elon Musk: Tesla will launch some merch that will be sold for DOGE "to see how it goes."
Both Dogecoin and SHIB have been added by leading Indian exchange Uncoin, and SHIB has launched on a major exchange in Taiwan, BitoEX. The largest Spanish exchange Bit2Me has also listed the "Dogecoin killer."
Arman Shirinyan
Alex Dovbnya
