This is not the first time leading digital token bitcoin will be bashed during as the value of cryptocurrencies continues to decline. Peter Mallouk, the President and Chief Investment Officer of Creative Planning Inc., a Kansas Investment firm that manages $32 billion in assets told the token off describing it as a “dead man walking” whose price will still nosedive to zero.
The Creative Planning CIO stressed that Bitcoin bulls are delusional saps who don’t realize that their golden calf is worthless, explaining further that the current bear market is proof that the end is near for the leading coin.
Expressing his skepticism on Forbes, Mallouk wrote;
“It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral, Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking”.
Bitcoin Will Eventually Drop To Zero
Mallouk continued discrediting the crypto asset saying that it will fall and future generations will read about it in the finance textbook as a cautionary tale about the dangers of crazed zealots “desperate to make a silk purse out of a sow’s ear.”
He wrote that the blowhards would be the most shaken when the sham market comes crashing down, “unfortunately for them, the end may not be pretty when it comes.”
The Chief investment officer was maintaining his earlier stance from last month when he predicted that bitcoin’s price would slump to zero, speaking with Bloomberg he said he thinks that the bottom for Bitcoin is zero, and that is where it is heading, stating that everything about Bitcoin is speculation or fraud.
Mallouk however spared blockchain of his cynicism stating that the financial model is the revolutionary technology that will bring the fundamental change to how industries do business, from traditional banking to supply chain management.
He said that cryptocurrency analysts should not believe that the present blockchain revolution will help bitcoin, because it is doomed to fail.
“Make no mistake, blockchain is the real deal, but just because blockchain technology is creating a new paradigm doesn’t mean that bitcoin shares that same distinction”.
Bitcoin as Speculative Gambling
He continued his attack describing investment or trading in bitcoin is speculative gambling, and odds of success are much better in Las Vegas.
Howard Marks, co-founder of Oaktree Capital Management also shared the same sentiments describing Bitcoin as a “greater fool theory.”