Why the average investor should not be investing in Bitcoin right now
Peter Mallouk, president and chief investment officer of Creative Planning, says that investors should avoid the “boom or bust” risks of assets like Bitcoin during the coronavirus pandemic. Mallouk says that now is the perfect time to be investing in stocks with many companies trading at deep discounts. Watch this video to learn more about why Mallouk says you should avoid cryptocurrency and to see where he says you should be investing instead.
Everyone has heard the stories of young people striking it rich by investing in bitcoin.
But Peter Mallouk, president and chief investment officer of wealth management firm Creative Planning, says investors turning to speculative assets like bitcoin or gold and silver are betting on the wrong investments.
“You have incredible companies that we know are not going anywhere, selling for half off. There is no need to go over into the speculative world,” Mallouk said. Investors should instead focus on buying the stocks of traditionally stable companies that are trading low because of the coronavirus shutdown.
Check out this video for a full breakdown on why Mallouk says you should avoid cryptocurrencies and to learn where you should be investing instead.
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