Cryptocurrency is the new topic which has elicited divergent views and predictions regarding its investment viability. A number of people have invested in it while a bigger percentage has stayed clear. According to Paul Mampilly who is a senior editor of Profits Unlimited at Banyan Hill Publishing, investors who have banked on Bitcoin may be in for a rude surprise. Mampilly says cryptocurrency is a bubble which similar to the 1999 Internet is about to burst and people who have invested money will be counting losses. Although Mampilly is not sure of the precise time this will happen he is convinced that the collapse is inevitable and it will hit hard. View Paul’s profile on Linkedin.
Bitcoin & other cryptocurrencies
According to the former hedge fund manager, cryptocurrency is no different from the 1999 Internet bubble which also came to a crash. He recalls that in 1999 he made money by selling his internet stocks before the price drastically slipped to an all-time low. Mampilly is positive that a similar fate is in the offing. Just like the internet bubble where some people made huge losses and others became overnight internet millionaires the same happened to cryptocurrency. Similarly, everybody who bought a major cryptocurrency at the beginning of the year became rich after a few months. Mampilly is convinced that bitcoin, ethereum, litecoin and other related cryptocurrencies are nearing a fatal death. He spots the shaky management and complicated language behind cryptocurrencies that have left many in the dark as an additional catalyst to the near crash of the currencies.
Paul Mampilly believes that the cryptocurrencies represent an economic bubble. He states that shares of the cryptos have been traded at a much higher value than they actually represent. He states that an investor can lead from the signs of an investment and pull out to avoid massive losses. Such signs like, attracting popular attention and triggering emotional investing are imbibed in the cryptocurrency frenzy.
Paul advises investors not to get carried away in the popular embracement of the cryptos’ and know when to sell. He warns that folks usually miss great chances to sell out and hold on to their shares in anticipation of better prices. Then the prices suddenly go down and stagnate and people burn their money. Mampilly warns investors not to be the latest victims of the cryptocurrency bubble burst when it eventually happens.
More about Paul Mampilly
Paul Mampilly is the founder of Profits Unlimited, a newsletter which advises its subscribers on stock options that are tipped to grow higher. He also manages Extreme Fortunes and True Momentum which are trading services on Banyan Hill Publishing firm. He has also worked at various capacities with Stansberry Research, Royal Bank of Scotland, Deutsche Bank and Kinetics Asset Management LLC Follow: https://twitter.com/MampillyGuru