Paul Mampilly has unique insights regarding the cryptocurrency bubble and the possibility of an imminent crash. He believes the bubble is ready to burst. He also believes people will lose their money in a matter of time. In 1999 the majority of investors believed an impressive rally on the stock market was the only way to gain wealth. This was also when the great bubble left investors without investments. Paul Mampilly believes the situation with the cryptocurrency bubble is very similar.
Companies with good reputations comprised the bubble. Although the stocks were up Paul Mampilly cautioned investors to remember the obscure companies were not represented through these stocks. As stocks rose to unheard of heights the market went insane. New investors were consistently drawn into the bubble. When the bubble burst the investors lost everything. Paul Mampilly has explained the similarities between the cryptocurrency bubble and the explosion of 1999. He sold all his stocks prior to the bubble bursting and originally believed he may have made a mistake.
When the stocks crashed in 2000 and 2001 Paul Mampilly knew he has made the right decision. His advice regarding bitcoin is just as good as it was regarding stocks. He did not lose a penny when the market crashed and the bubble burst. The individuals investing in cryptocurrency have become rich within a short period of time. The value of bitcoin has exceeded $19,000. Paul Mampilly believes bitcoin, ethereum and all cryptocurrencies are about to crash. Cryptocurrency is a digital payment with centralized control. Cryptographic patterns and complex rules are involved with the creation and management. Visit dailyreckoning.com to know more about Paul Mampilly.
Cryptocurrency was created by a mysterious figure in 2008 named Satoshi Nakamoto. As cryptocurrency began to grow other types began to emerge. Cryptocurrency started being recognized as legitimate currency. Legislation was passed in Japan in 2017 and organizations were forced to accept cryptocurrency. Russia began following in a similar direction. Bitcoin did drop to $8,000 before becoming stable again. Paul Mampilly does not believe this was the worst. Bitcoin is being traded, sold and purchased at a price exceeding the value. This may result in a cryptocurrency bubble.
Paul Mampilly spoke of the signs of a bubble as an extremely high degree of interest in an asset causing prices to increase sharply and a frenzy to begin. This type of growth is usually unstable. This is especially true when the asset is undefinable. This may mean the growth of the bubble has already begun and the inevitability is it will burst. Read more about Paul on Interview.net.