The price of Bitcoin (BTC) has always been a topic of much anticipation, with varying degrees of accuracy. However, an "immutable" rule that has become common in recent years is that investing in Bitcoin is a smart move.
Peter Mallouk, a financial planner and president of an asset management company, was one of those who made terrible predictions about Bitcoin. In April of last year, in one day, Bitcoin jumped by nearly $ 1,000, when Mallouk predicted that the cryptocurrency would collapse.
BTC up 95% since his recommendation #bitcoin https://t.co/OhB8S3639h
- Alan Silbert (@alansilbert) February 7, 2020
10 months later, the cryptocurrency space still exists, which proves Mallouk's previous prediction is completely wrong. In fact, after Peter Mallouk warned not to buy Bitcoin, its value nearly doubled. People who make predictions like Mallouk are a lot, but the problem is that they lack knowledge and lack of understanding of space, so their predictions are often incorrect.
Mallouk: Bitcoin "is not a real investment"
In a post on CNBC, Mallouk expressed concerns about cryptocurrencies. The first thing that worried him was that there were so many different cryptocurrencies but they couldn't exist.
According to Mallouk's proposal, instead of putting money into investments, pay to own them. He proposed real estate, where people could collect taxes; stocks where dividends are located; or bonds, where we can make a profit.
Moreover, Mallouk's proposal relates to a long-discussed issue: "Blockchain on Bitcoin". Mallouk said that if investors are interested in blockchain, it is better to invest in companies like IBM and Accenture because it is the best place to operate in the space.
Trouble arises trouble
Mallouk's proposals proved to be pretty bad. Since he made his prediction for the fall of the cryptocurrency, Bitcoin has increased by 95%. IBM shares, meanwhile, only increased 9% compared to April 2019, up from $ 143 to the current level of $ 156. Not only that, his proposal for IBM has not received a response.
Although Bitcoin is highly volatile, there are few signs that it is on the verge of collapse. According to 99bitcoins.com, Bitcoin only "died" 41 times in 2019, while in 2017, it was cursed to death 124 times by the mainstream media.
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According to Tapchibitcoin / BeInCrypto
Translated by ToiYeuBitcoin
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