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Top U.S. Financial Advisor: Buy Companies, Not Bitcoin
Peter Mallouk, President and Chief Investment Officer of Creative Planning recently discussed why he avoids directly investing in cryptocurrencies. He also advises those involved in transforming the blockchain to explore another option for the technology.
Don't Get Excited for Crypto
First and foremost, Mr. Mallouk has prevented investors from believing that cryptocurrencies are "unique" and an "ultimate" form of investment. He brought up some of the dotcom companies as examples and remembered when "Blackberry and Palm were fantastic before Apple came out". Mr. Mallouk even discussed Lycos working out before the emergence of Google.
Using the aforementioned examples, Mr. Mallouk says that cryptocurrencies may collapse and will possibly be substituted by something more exciting. This would lead to huge investment losses for those who believe in crypto tokens.
Don’t buy bitcoin, warns one wealth manager. We’re likely "going to see cryptocurrencies collapse." https://t.co/IxqzKZxArw via @CNBCMakeIt pic.twitter.com/VQFtxuTr93
— CNBC (@CNBC) December 7, 2019
Mr. Mallouk also highlighted the speculative nature of the cryptocurrencies market and admitted that one or two of these cryptos could work out. However, this does not make them sound investments:
If you buy cryptocurrency, you get no income. It’s not a real investment. It’s speculation.
Invest in Blockchain, Avoid Cryptocurrency
While cryptocurrencies are not considered a good investment plan, Mr. Mallouk described the potential possibilities of investing in blockchain technology. The secret to this approach is having its roots in business and real-word adoption of blockchain-based technologies.
Mr. Mallouk even named a couple IT giants such as Acceture and IBM, as well as retail moguls like Walmart. He concluded that all of these companies could utilize blockchain technology in their business operations, and "heavily invest" in their technology. Therefore, Mr. Mallouk advised those to buy shares of these companies and not crypto tokens.
It looks like Peter Mallouk can reproduce all of the mantras of previous generations. Like Mr. Mallouk, billionaire Ray Dalio predicted (barely) a gloomy future for Bitcoin (BTC) and stablecoins as both them will "possibly never" be adopted by the masses.
Vladislav SopovAre you guys planning to buy stock in IBM or Bitcoins for Christmas? Tell us on Twitter!
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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