Wealth Manager Peter Mallouk warns, ‘Don’t buy Bitcoin’

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The president and chief investment officer of wealth management firm Creative Planning don’t seem to be thinking highly of Bitcoin.

Peter Mallouk warned investors to stay away from digital assets in general. He also predicts the entire market will fall apart.

“What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse. There’s no way that even a fraction of them can survive. Is it possible that maybe one or two will work out in the future? Sure it is.”

“Blockchain technology is real and you’ve got big companies like IBM and Accenture and others investing in it. That doesn’t mean that Bitcoin is going to work out or Ripple is going to work out. The TV worked out, but everything that comes out of it, we don’t want to watch. Palm and Blackberry were fantastic, but Apple came in and took them out. Lycos and Excite were here before Google.”

Mallouk and Creative Planning have been praised as a top-notch team. It’s not a rare occasion for top financial firms to speak negatively about Bitcoin, Ethereum or other cryptocurrencies. This attitude is actually quite normal and has been echoed throughout the traditional financial community.

While Mallouk admits that some cryptocurrencies may workout, he says it’s not something that can be relied on. Ultimately he concludes that an investment in BTC is not worth it.

“You don’t want to own something that’s not going to pay you,” Mallouk says.

The infamous cryptocurrency detractor Nouriel Roubini also predictably chimed in on the market’s recent surge. He tweeted a link to a Bloomberg article claiming that there was no good reason to be bullish on cryptocurrency.

Sometimes it may seem like Bitcoin detractors are anti-crypto evangelists who are preaching against progress. But many financial experts simply don’t view cryptocurrency as a legitimate investment vehicle. And the overall idea of blockchain good, cryptocurrency bad is just as prevalent as ever in the financial world.

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