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Don’t Buy Bitcoin, Warns Top Wealth Advisor As Crash Fears Resurface – The Future Coin
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Don’t Buy Bitcoin, Warns Top Wealth Advisor As Crash Fears Resurface

by The Future Coin
May 24, 2020
in Technology News
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Don’t Buy Bitcoin, Warns Top Wealth Advisor As Crash Fears Resurface
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Bitcoin and cryptocurrency investors have been nervously eyeing the bitcoin price since its highly-anticipated supply squeeze earlier this month.

The bitcoin price took a big step down earlier this week, dropping 10% under $9,000 per bitcoin after failing to pass the psychological $10,000 level.

Now, with investors desperately seeking reliable returns amid the coronavirus crisis, one top wealth advisor has said it’s the wrong time to bet on bitcoin.

MORE FROM FORBESAs Bitcoin Struggles, This Tiny Cryptocurrency Has Soared A Massive 230%By Billy Bambrough

bitcoin, bitcoin price, image

Bitcoin has so far weathered the coronavirus crisis well though some fear the bitcoin price could be … [+] headed for a crash.

NurPhoto via Getty Images

“Every bear market presents opportunities and it’s tempting, particularly for younger generations, to look for speculative assets,” Peter Mallouk, chief investment officer at wealth management firm Creative Planning, told CNBC, pointing to bitcoin and cryptocurrencies, gold and cannabis stocks.

“There is no need to go over into the speculative world,” Mallouk said, warning speculative assets like bitcoin have “a lot more booms and busts.”

“It’s a lot sexier to buy things like cryptocurrencies, gold and silver but … they don’t bring any income to the investor.”

Mallouk, who defines “speculative” as “anything that doesn’t produce income and bring it to you as an investor,” thinks bonds and certain company stocks are a lot more attractive in current market conditions, naming entertainment giant Disney, fast food chain McDonald’s and consultancy Accenture as better bets.

“A bear market puts everything on sale. You have incredible companies that we know are not going anywhere, selling for half off,” Mallouk said.

The coronavirus pandemic and subsequent lockdowns put in place to contain it sparked a massive stock market rout in March before central banks around the world, led by the U.S. Federal Reserve, promised to back the vast majority of markets.

MORE FROM FORBESMajor $800 Million Bitcoin And Crypto Investor Reveals Coming ‘Fourth Cycle’By Billy Bambrough

bitcoin, bitcoin price, chart

The bitcoin price has climbed over the last 12 months but has swung wildly, soaring to over $13,000 … [+] per bitcoin last summer before crashing to under $4,000 in March.

Coinbase

The Fed has pumped trillions of dollars into the U.S. economy over recent months in a desperate bid to prop up the market though some have warned the unprecedented action has artificially inflated stocks.

The tech-heavy Nasdaq is now in positive territory for the year, boosted by the likes of Google and Amazon, while the S&P 500 has almost recovered all of its March corona-crash losses.

However, bitcoin, as well as some smaller cryptocurrencies, have outperformed most other assets so far this year.

Bitcoin is currently on course to be one of the year’s best performing assets, though many bitcoin and crypto analysts have warned a bitcoin supply squeeze earlier this month could mean it’s hurtling toward a sudden crash.

The bitcoin price had been holding up since its third supply cut, known as a halving, on May 11—although cracks began to appear this week when the price moved sharply lower, losing around $500 in a matter of minutes.

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