It isn’t the first time that the dominating cryptocurrency ‘bitcoin’ will be bashed amid as the value of digital tokens continues to decline. The President and Chief Investment Officer of a Kansas Investment firm, Peter Mallouk told the token off referring it to as a ‘dead man walking’ whose price is meant to nosedive to ZERO.
Mallouk, while expressing his skepticism on Forbes, wrote –
“It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral, Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking.”
He continued discrediting the crypto asset saying that it will fall to zero and that the future generation will read about it in the finance textbook being a cautionary tale about the dangers of crazed zealots that was ‘desperate to make a silk purse out of a sow’s ear.’
He also wrote that the blowhards would be the most shaken when the sham market hits down, “unluckily for them, the end might not be pretty when it comes.”
The CIO was maintaining his earlier stance from the last month at the time he predicted that bitcoin’s price would slump to zero. While speaking with Bloomberg, he said that he thinks that the bottom for Bitcoin is zero, and that is where it’s heading, saying that everything about bitcoin is speculation or fraud.
However, Mallouk spared blockchain of his cynicism saying that the financial model is the revolutionary technology which is meant to bring the fundamental change to how industries do the business, from traditional banking to the supply chain management.
He continued, cryptocurrency analysts need to believe that the present blockchain revolution will help bitcoin because it is doomed to fail.
Mallouk wrote –
“Make no mistake, blockchain is the real deal, but just because blockchain technology is creating a new paradigm doesn’t mean that bitcoin shares that same distinction.”