“Bitcoin is dead”, argues investment firm boss…
Cross another name off the Bitcoin Christmas list, as a man by the name of Peter Mallouk has been sharing his pessimistic view on the leading cryptocurrency.
Bitcoin, as has been well reported, has suffered a terrible few weeks, with its price just shy of $3000 down on where it was a month ago, and over $15,000 down on where it was this time last year. As such, whilst there have been long-term investors stating their view that holding on and sticking things out was the best way forward, Mallouk is taking a very different view.
“It won’t go quietly”, he said about Bitcoin in a post over at Forbes, “but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral”.
He added there “could be a dead cat bounce”, suggesting a temporary rise may be on the horizon. And yet he concluded that “either way, I see Bitcoin as a dead man walking”.
Last month, Mallouk had suggested that the price of Bitcoin would collapse altogether, and lose all of its value. He’s very much standing by that view.
Mallouk is, incidentally, the president and chief investment officer at a Kansas-based investment firm by the name of Creative Planning Inc. That’s a company that oversees more than $30bn of assets, but those are clearly not cryptocurrency ones.
“In my opinion, Bitcoin is dead”, is his opening summation of his views over at the Forbes piece (that you can read here). It’s certainly a testing time for the currency. Will Mallouk be proved right? Time, as always, will tell…