Peter Mallouk, the CIO and president of Creative Planning Inc. is predicting the price of bitcoin to fall to zero soon. According to Peter, bitcoin is a dead man walking.
Peter explains that the people who are positive about bitcoin’s future are not realizing that bitcoin is worthless and according to him the current bearish trend is going to head towards an end for bitcoin.
Bitcoin falling to ZERO
Peter also mentioned that bitcoin will be mentioned in finance books in the future and people are going to read about the cautionary story about the dangers of investing in such a worthless product.
Peter had earlier mentioned the same theory last month predicting that bitcoin is going to fall to zero when he said that according to him the bottom for bitcoin is zero and not any other numbers being predicted by cryptoanalysts. Peter had also called bitcoin fraud and speculative.
Blockchain is Revolutionary
Despite calling bitcoin worthless, Peter backs the technology behind cryptocurrency i.e. blockchain technology. According to Peter blockchain technology is revolutionary and is going to create a massive difference in how different industries such as banking and supply chain management work.
He also said that blockchain technology cannot save bitcoin from falling to zero.
Peter Mallouk mentioned that the investment and trading in bitcoin or other cryptocurrencies is speculative gambling. He also mentioned about the ‘greater fool theory’ by billionaire Howard Marks, the co-founder of Oaktree Capital Management who had earlier said that people who invest in bitcoin are fools and just want to earn profits quickly by selling it to a bigger fool than themselves.
