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Bitcoin is a "walking dead man" whose price will eventually fall to zero. This is the terrible prediction of Peter Mallouk, president and chief investment officer of Creative Planning Inc., a Kansas investment company that manages $ 32 billion in assets.
The claimed bitcoin skeptic has said that the BTC bulls are delusional lymphs that do not realize that their gold calf is worthless. Mallouk claims that the current bear market is proof that the end is near.
"It will not be silent, but the recent precipitous fall could be the beginning of its inevitable and inexorable spiral of death," wrote Mallouk to Forbes. "Or there could be a rebound from a dead cat, but I see bitcoin like a walking dead."
& # 39; Bitcoin is going to zero & # 39;
Mallouk said that future generations will read bitcoins in finance textbooks as an admonition to the dangers of crazy zealots "who desperately try to extract a silk purse from the ear of a sow".
The blowhards will be the most devastated when the fake market will come tumbling down, Mallouk warned. "Unfortunately for them, the end may not be good when it arrives," he wrote.
Mallouk is doubling its rating since November 2018, when it predicted that the price of the bitcoin will drop to zero. "I think the bitcoin fund is zero, and that's where it's going," Mallouk told Bloomberg. "All about bitcoin is speculation or fraud".
Despite his aversion to bitcoin, Peter Mallouk stressed that blockchain is a revolutionary technology that will radically change the way industries do business, from traditional banking to supply chain management.
Mallouk said that cryptography advocates should not expect the blockchain revolution to save the bitcoin, which is bound to fail.
"Do not make mistakes, blockchain is the real deal," wrote Mallouk. "But just because blockchain technology is creating a new paradigm does not mean that Bitcoin shares the same distinction."
An investment in the "Great Silly of Theology"
Mallouk said trading or investing in bitcoin is a speculative gamble, and the odds of success are much higher in Las Vegas.
He echoed the feelings of billionaire Howard Marks, the co-founder of Oaktree Capital Management, who claimed that bitcoin is an investment of "theory of the biggest fools".
As reported by CCN, Marks said that people who buy bitcoins do so only because they want to get a quick profit by selling their holdings to a "bigger fool" of them.
"This is what we called when I was a child, the" theory of the biggest fools ", said Marks. "They think that someone will buy it from them at a higher price, not because they can specify its intrinsic benefits, not because they can judge the intrinsic value, but only because they think it is going up."
Bitcoin will prove it has never had any substance, says Mark Sionpic Howard Marks https://t.co/kZwT02Wvir
– CCN (@CryptoCoinsNews) 19 July 2018
This is exactly the way Peter Mallouk tries the bitcoin.
"If you think it's a fun way to try and make a great result, you'll probably have more luck throwing darts with microcap stocks," he wrote. "But if you do it in a purely speculative way, and you're ready to lose all your money, keep doing what you're doing."
Despite his bitter hate for bitcoins, Mallouk believes that cryptocurrencies "will likely remain part of the financial landscape indefinitely, but there is little reason to believe that bitcoin will be the one that endures the test of time."
Fundamental defects
Mallouk said that the bitcoin has serious fundamental problems that will guarantee death, including:
- Cryptographic transactions are purely speculative. "There are no real foundations to evaluate, bitcoin does not produce products or services, hire employees or pay dividends."
- The regulation will end up smothering the bitcoin. "The minute bitcoin or any other cryptocurrency seems to have even the slightest chance of interrupting the national monetary offer, I expect the regulation to be swift and decisive".
- Bitcoin will not stand the test of time. "In addition to recognizing the name it brings to the market, it is practically indistinguishable from any of the other cryptocurrencies."
Meanwhile, Twitter CEO Jack Dorsey (equity: $ 4.6 billion) predicts that the bitcoin will likely replace all other currencies to emerge as the only global currency within the next decade.
"Finally the world will have a single currency, the Internet will have a single currency," Dorsey said in March 2018. "Personally I think it will be bitcoin."
Shutterstock foreground image.
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