Don’t Buy Bitcoin, Says Wealth Exec as Lebanon Chooses BTC Over Fiat

Don’t Buy Bitcoin, Says Wealth Exec as Lebanon Chooses BTC Over Fiat

Gate Trade News Friday, May 22, 2020 131 0

Bitcoin and gold are “too speculative” and it’s better for investors to trust the government to pay them back, claims Peter Mallouk.

Bitcoin (BTC) is not what young investors should buy after the coronavirus crash, says the man who once said that the biggest cryptocurrency faces an “inevitable death spiral.”

Speaking to CNBC on May 21, Peter Mallouk, president and chief investment officer at wealth management firm Creative Planning, claimed that stocks and bonds were better options than Bitcoin and even gold. 

“There is no need to go over into the speculative world,” he told the network, arguing that assets such as Bitcoin and gold “see a lot more booms and busts.”