Paul Mampilly is well-known for giving amazing advice on the latest matters on the financial markets because of the almost quarter of a century he has built up during his career. One area Paul Mampilly has been extremely vocal in is the development and potential bubble growing up around the Bitcoin cryptocurrency; Paul Mampilly believes the current spiraling value of cryptocurrency is unsustainable and will eventually lead to the bubble bursting in the coming weeks or months.
— Paul Mampilly (@Paul_M_Guru) October 5, 2017
Bitcoin has reached values in excess of $19,000 but Mampilly believes the growing clamor among investors to jump on the bandwagon will push prices even higher and create a bubble bursting to leave thousands of new millionaires broke when the Bitcoin price plummets in the coming weeks. The former leader of a hedge fund named one of the best performing funds in the world by Barron’s in 2008 believes the current climate around cryptocurrency is similar to that seen around the tech sharemarket in 1999. The crash of the tech market in 1999 came after a bubble grew around companies offering shares before they had even established themselves in any sector of the technology industry.
Millions of investors saw their fortunes wiped out over the course of a single day when the value of many tech stocks plummeted and the majority of newly formed businesses ceased operating amid growing debts. Paul Mampilly became famous for not losing any money during the 1999 crash as he correctly identified the market was about to crash and escaped long before the issues reached their peak.
Over the course of the last few years, the man who classes members of Europe’s Royal Family’s and the Royal Bank of Scotland among his list of clients has been warning of similar problems ahead for the cryptocurrency boom. In fact, Mampilly explains he set out to warn investors of the problems facing the cryptocurrency bubble but has been met with resistance from many of those who have invested in this new form of currency. The Bitcoin bubble has created a number of converts to the development of this form of investment and will see those who refuse to take advantage of the current high prices for Bitcoin lose the majority of their investment when the crash finally happens.
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