CNBC’s ‘The Profit’ Star Marcus Lemonis Prefers “Good Old American Cash” Over Bitcoin
Marcus Lemonis, Star of “The Profit,” Announced His Preference Over Crypto for “Good Old American Cash”
There are many people that have disdain for cryptocurrency, and one of that massive group is Marcus Lemonis. This millionaire does not trust the volatility of the market for even one second, saying “I really don’t care, so I don’t know much about Bitcoin or cryptocurrency.” The interview was held on CNBC’s Make It.
Marcus Lemonis does not have any plans for experimentation in the cryptocurrency industry, and he stands strong on his faith in the dollar. In a June 6th interview, he said, “I like good old American cash. I like it in my pocket, and I like it in the bank. And what I would encourage people to do is, if they’re interested in something like [Bitcoin], explore it – but nothing replaces good old-fashioned cash.”
There has been a lot of changes for Bitcoin in 2018 alone, during which time it has become almost trendy to seek to invest in it. It managed to attract the attention of many investors as it rose to impressive highs in 2017, before a massive plummet after December 2017. Anyone that has watched it in the industry has seen the roller coaster of Bitcoin, which has come with both successes and failures.
Still, cryptocurrency continues to garner attention from investors that have faith in it. Starbucks even announced a partnership with both Microsoft and the Intercontinental Exchange to develop Bakkt. This platform will enable consumers to trade cryptocurrencies, but they can also convert them directly into USD.
Lemonis believes that the best way to approach this kind of industry needs to do it with a full understanding of the market. He believes that a diverse investment profile is the best way to keep all of someone’s investments spread out, ensuring that they will not lose big on any specific investment. Most of Lemonis’ work has been to help small business owners to become more profitable, and he fails to see any kind of profit or benefit for a small business to get involved with a digital currency.
When it comes down to it, Lemonis goes back to the volatility of the market, and there are many people that who blindly go into the crypto game, which leaves them susceptible to even more risks. Lemonis said, in his Make It interview,
“I don't think most people even understand [bitcoin]. I know I don't want to.”
Lemonis seems to echo the sentiments that another big figure in television – Kevin O’Leary. The Shark Tank star said last year that he is “quite sure that 99 percent of the people that own bitcoin do not understand how it works. That always is a cocktail for disaster.” Warren Buffet is another pessimist towards cryptocurrency, along with JPMorgan Chase CEO Jamie Dimon. While Lemonis has a lot of company in his views, there are millions of investors around the world that still manage to get something out of their dedication to the evolving Bitcoin.