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

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. 

Mallouk: “no need” to buy Bitcoin or 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.”

Basically, we define ‘speculative’ as anything that doesn’t produce income and bring it to you as an investor.

Mallouk was speaking as Bitcoin far outperformed stocks, bonds, oil and gold year-to-date. As Cointelegraph reported, the cryptocurrency’s 2020 performance has no comparison, having entirely erased the losses from its crash which also took down traditional markets. Their recovery,…