News

Creative Planning CIO Slams Bitcoin, Calling It a "Dead Man Walking"

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.
Mallouk wrote;

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.”

Related posts
CoinGapeNews

Bitcoin Positions Worth $1 Billion Liquidated in 30 Minutes Post BTC’s $5k Correction

Bitcoin price recorded its new all-time-high above $62K only a couple of days back, having spent a majority of February and the first week of March in a consolidation phase. However, the price recorded a sharp correction of $5K this…
NewsNews 1SocialTrading View

South Korea cracks down on tax evaders using cryptocurrencies

As prices in the crypto market surge, the other side of the market has been witnessing a rise in criminal activities. On Monday, South Korea’s tax agency reportedly caught 2,400 individuals who were hThe post South Korea cracks down on…
AnalysisEthereumNewsNews 1SocialTrading View

Ethereum Price Analysis: 15 March

Bitcoin once again pumped over the weekend and registered a new all-time high above $60k. As BTC chased new targets, the largest altcoin Ethereum [ETH] has also been moving higher on the price scale. The post Ethereum Story continues on…