US Stock Market Could Crash By 98%, Says Harry Dent Who Predicted Dot-com Bubble

The fears of a stock market crash have been looming for as long as stock markets have existed. Many pundits have cautioned investors about potential downturns, drawing parallels to historical crashes that left indelible marks on the financial landscape. However, amidst these voices, one prediction stands out - a dire forecast from economist and financial author, Harry Dent.
Dent's warning is serious. He estimates there could be a crash so bad that it would be worse than the Great Recession or even the Dot-Com Bubble Burst at the turn of the millennium.
As per Harry Dent - Nasdaq could crash by a whopping 92%
And the broader S&P 500 could tank 86%
These are some scary numbers. But what’s Dent’s logic here?
According to the economist, the potential disaster is all the money pumped into the market during the pandemic. Governments were giving out cash, and people were using that money to buy stocks, which made things look okay on the surface. But Dent says there's still a huge bubble waiting to burst, and when it does, it'll be a disaster like we've never seen before.
Now, fortunately or rather unfortunately, Dent has a track record of getting these trends right. He has correctly predicted big market crashes in the past including the the Japanese asset price bubble burst in 1989 and the dot-com bubble burst in 2000. And his observation that the current bubble has inflated far beyond historical norms, lingering for 14 years instead of the usual five to six, underscores the gravity of the situation.
The fallout, Dent predicts, could materialize sooner than expected, spurred by the Federal Reserve's swift tightening of monetary policy to combat inflation. With the housing market looming as a focal point of this precarious bubble, Dent advises investors to seek refuge, suggesting Bitcoin as a potential safe haven.
Ah! So is there a bitcoin or cryptocurrency play here? Well, it can’t be ruled out.
Interestingly, the scathing warning from the economist comes at a time when both Nasdaq, S&P 500 are at a record high. The tech-heavy Nasdaq has surged nearly 17.5% year to date in 2024, while the S&P 500 has rallied over 13%, outperforming its global peers.
We'll have to wait and see if Dent is right. But his warning is a good reminder that sometimes, when things seem too good to be true, they might be.
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