Cryptocurrencies, without a doubt, is one of the great inventions in the field of artificial intelligence (AI) that revolutionizes the internet world lately. For those of you who are still unaware of the term cryptocurrency,
let us first tell you what does cryptocurrency mean?
Cryptocurrency a form of virtual currency that is used as the medium of exchange similar to currency notes or coins. You must require a cryptocurrency wallet and cryptocurrency exchange in order to be able to make a cryptocurrency transaction. Much like your money vault, cryptocurrency wallet keeps your cryptocurrency safe and secure from the potential threats including malware, viruses and other digital outbreaks.
It would not be a lie if I say that cryptocurrency, over the years, has changed millions of people’s lives who use the cryptocurrency. Today, Bitcoin (BTC) is going through a hard time and even after having a heave of more than 15 percent in Bitcoin price, it is still not able to match the average rate. Owing to this recent surge, Bitcoin crossed the price of $5, 000/- after a huge interval — since mid-November to be precise. Notably, the all-time high price of the Bitcoin currency is $20, 000/- back in December 2017. Not only the Bitcoin’s but other cryptocurrencies prices such as Ether and XRP have also surged by the 7 percent.
However, if you are thinking that it is a good time to invest in the cryptocurrency for you, you might want to hear out Mr. Peter Mallouk, who is the president of wealth management firm Creative Planning and a certified financial planner. According to Mr. Mallouk,
“What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse.” Referring to various types of virtual currencies,
he added,
“There’s no way that even a fraction of them can survive.”
He suggests to all the virtual currency investors to be cautious about making an investment in the cryptocurrencies as it will not going to give you any income.
For those fans out there who believe in Blockchain, Mallouk said,
“There are companies that are very heavily investing in Blockchain and you can buy those companies — companies like IBM and Accenture.”
He further suggested Blockchain lovers invest in Blockchain companies and not in cryptocurrency.
“Companies like Walmart are using it to develop ways to run their inventory. That’s the way to play blockchain technology — not by trying to buy cryptocurrency,”
he added.
Peter Mallouk is the author of ‘The 5 Mistakes Every Investor Makes and How to Avoid Them” and to support the downturn of the cryptocurrency market he indicated that the cryptocurrency is not a real investment as the whole cryptocurrency market is driven by conjectures and assumptions.
2018 have been a drastic year for Bitcoin and other cryptocurrencies that not only affected the investors but technologists. Notably, Bitcoin opened with a value of $13,290 and in 2018 and closed at the rate of $3,800 only. Seeing a significant drop of almost 80% in the Bitcoin value, the future of Bitcoin is in danger. The same story goes for other cryptocurrencies including Ripple and Ethereum as well.
Besides, over the years, experts and veterans of the industry such as Jim Cramer, host of CNBC’s Mad Money and a co-founder of TheStreet, Inc, and Jamie Dimo, the CEO of J.P. Morgan Chase, have criticized Bitcoin. While Jim Cramer has warned us about the Bitcoin by saying that it is a pure gamble, Jamie Dimo also referred Bitcoin as a fraud.
While these few Bitcoin detractors always condemn the value and growth of cryptocurrencies, there are many other financial experts who believe that Bitcoin along with other cryptocurrencies is going to bang in the near future. A while ago, the Bitcoin follower and billionaire Tim Draper stated that Bitcoin is going to be everywhere in the coming 2 years. With big personalities such as the founder of Tesla and SpaceX, Elon Musk, NASDAQ, the second largest stock exchange in the world, Winklevoss brothers, the owners of Galaxy Digital etc. supporting the value of Bitcoin, we are likely to see some amendments and upgradations in the artificial intelligence space in favour of Bitcoin.
