Paul Mampilly has some advice for those who want to invest in Bitcoin. He says that it is likely that the Bitcoin market will crash very soon. He will not give a specific time frame, but he is warning that the crash is going to happen very soon.
Paul Mampilly compares the current Bitcoin situation to the situation of the stock market in 1999. That was the time of the dotcom boom. Many people were investing in various new technologies. In fact, he had a friend who had shares in the tech market that were up by one thousand percent. However, that was all followed by a large crash and a big downfall. A lot of people lost their money, and he is warning that it is only about time before bitcoin owners lose their money too.
Many people thought that if they invested in the dotcom industry, then they were guaranteed to become wealthy. The problem is that there was a great crash after a great boom. Stocks were initially up by one thousand percent or even two thousand percent. However, it all started crashing soon enough. Keep in mind that this was not some digital currency that nobody heard about back then. This was about majors stocks on the big indexes.
What you have to realize, Paul Mampilly says, is that if you see a market going insane and rising to crazy levels, you have to realize that it is probably a bubble. Nothing can stay so high for so long.
Paul said that when stocks started going up and up, he decided to sell this own stocks. Stocks continued to rise, and he wondered whether he had made a mistake. However, he then saw that it all started to crash, and he was glad he sold his stocks while he still could make a profit.
His friend was not that lucky. She continued to buy more stocks as the prices continued to go down. She thought that they would go up again, but they did not. She was left with nothing at the end.
Paul Mampilly is the founder of Profits Unlimited and is an investing expert with Banyan Hill Publishing. He managed multi-million dollar accounts at major banks and worked on Wall Street. He won the competition put out by the Templeton Foundation.
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