Wealth executive Peter Mallouk has urged young investors not to purchase bitcoin following the coronavirus market crash.
Speaking in an interview with CNBC on May 21, Mallouk warned that young investors looking to speculative assets like bitcoin and precious metals are being misled. Mallouk, president and chief investment officer of wealth management firm Creative Planning, has been critical of bitcoin in the past, predicting the currency would enter a “death spiral” in December 2018.
Mallouk told CNBC retail investors should be looking for substantial discounts in the stock market rather than turning to speculative instruments. He warned that bitcoin and gold would expose traders to more “booms and busts.”
He said,
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 continued, advising investors to buy stocks from traditionally stable companies whose share prices have been impacted by the fallout from COVID-19.
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