Bitcoin is a “dead man walking” whose price will eventually plunge to zero. That’s the dire prediction of Peter Mallouk, the president and chief investment officer of Creative Planning Inc., a Kansas investment firm that manages $32 billion in assets.
The avowed bitcoin skeptic said BTC bulls are delusional saps who don’t realize that their golden calf is worthless. Mallouk says the current bear market is proof that the end is near.
“It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral,” Mallouk wrote in Forbes. “Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking.”
‘Bitcoin is Heading to Zero’
Mallouk said future generations will read about bitcoin in finance textbooks as a cautionary tale about the dangers of crazed zealots “desperate to make a silk purse out of a sow’s ear.”
The blowhards will be the most devastated when the sham market comes crashing down, Mallouk warned. “Unfortunately for them, the end may not be pretty when it comes,” he wrote.
Mallouk is doubling down on his assessment from November 2018, when he predicted that bitcoin’s price will drop to zero. “I think the bottom for bitcoin is zero, and that’s where it’s heading,” Mallouk told Bloomberg. “Everything about bitcoin is speculation or fraud.”
Despite his distaste for bitcoin, Peter Mallouk underscored that blockchain is a revolutionary technology that will fundamentally change how industries do business, from traditional banking to supply chain management.
Mallouk said crypto advocates shouldn’t expect the blockchain revolution to save bitcoin,