Don't buy bitcoin, warns wealth manager: We're likely 'going to see cryptocurrencies collapse' via CNBCMakeIt
The price of bitcoin surged more than 15 percent on Tuesday and briefly crossed the $5,000 mark for the first time since mid-November. It's still well below the all-time high it hit in December 2017 of near $20,000.
There are so many types of virtual currencies — like litecoin, ethereum, ripple and, of course, bitcoin — that"there's no way that even a fraction of them can survive," Mallouk, who is also author of "The 5 Mistakes Every Investor Makes and How to Avoid Them," tells CNBC Make It. As a general rule of thumb,"You don't want to own something that's not going to pay you," says Mallouk.
Keep in mind, he continues, that while"blockchain technology is real and you've got big companies like IBM and Accenture and others investing in it, that doesn't mean that bitcoin is going to work out or ripple is going to work out," says Mallouk."The TV worked out, but everything that comes out of it, we don't want to watch. Palm and Blackberry were fantastic, but Apple came in and took them out. Lycos and Excite were here before Google.
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