Creative Planning Wealth Manager: Buying Bitcoin is Fool's Gold, Most Cryptos Will Collapse

    The first time that bitcoin and Cryptocurrency, in general, got mainstream attention was in the early 2010s when the first bull runs took place and some of the earliest investors became millionaires overnight. For a good while, many thoughts of crypto as a way to get rich quick and this led to an influx of many people into the market until more stability was achieved.

    Since then, the market has gone through its largest bull run that saw the price of Bitcoin soar to $20,000 and two major bear runs that saw the price crash to around $6,800 and $4,000 respectively. The last few days has seen Bitcoin break above $5,000 for the first time since late 2018 and is still hovering just below that amount. If the crypto market has shown anything in the last decade, it is that it is resilient.

    Despite this, not everyone is impressed in or has faith in the ability of crypto to survive and one of these people is Peter Mallouk, certified financial planner and president of wealth management firm Creative Planning.

    Not Impressed

    In a series of recent comments, Mallouk not only expressed indifference at the recent price rally but also predicted the end of most cryptos.

    “What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse,”

    he said.

    He pointed out that there are hundreds of cryptos and it is impossible for more than a fraction of them to last into the coming years. He also stated that Cryptocurrency shouldn’t be looked at as an investment.

    “Is it possible that maybe one or two will work out in the future? Sure it is.”

    But, he says,

    “in the meantime,” if you buy cryptocurrency, you get no income. It’s not a real investment. It’s speculation.”

    He says, that as a rule, he advises people to invest in things that are going to pay them and doesn’t consider crypto to be one of those things and tells people to instead look into

    “things that are going to pay you to own them,”

    he says.

    “Own real estate, where you’re collecting rent. Own stocks, where you’re collecting dividends. Own bonds, where you’re collecting yield.”

    While he had little praise for Cryptocurrency, he did speak well of the blockchain, the technology that creates Cryptocurrency, even as an investment tool.

    “There are companies that are very heavily investing in blockchain and you can buy those companies — companies like IBM and Accenture,”

    he says,

    “companies like Walmart are using it to develop ways to run their inventory. That’s the way to play blockchain technology — not by trying to buy cryptocurrency.”

    BTC Price Prediction: Today's Top Crypto ETH, NEO, and XRP Technical Analysis

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Tokoni Uti
    Tokoni Uti
    Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.