On CNBC’s Make It this morning, wealth manager and financial planner Peter Mallouk cautioned viewers against buying Bitcoin and other cryptocurrencies, predicting the ‘likely’ collapse of the crypto market.

Bitcoin, Cryptocurrency Not a ‘Real Investment’

Some people just want to watch the crypto market burn – or at least hope like hell that it does. As the much-needed thaw of the 2018 – 2019 ‘Crypto Winter’ continues into its second day and investors start to tentatively breathe sighs of relief, at least one person is watching the goings-on with an air of ‘Bah Humbug!’.

Bitcoin has bounced. Don’t buy it. https://t.co/TLJeMoYqfW — Peter Mallouk (@PeterMallouk) April 3, 2019

Peter Mallouk, a certified financial planner and president of Kansas City-based wealth management firm Creative Planning, appeared on CNBC’s Make It segment this morning where he warned against investing in cryptocurrencies, which he claims are not a “real investment” that investors can derive an income from.

Mallouk, who previously called Bitcoin a “dead man walking” and referred to it during its meteoric 2017 rise as a “ship of fools“, doubled down on the doom and gloom, predicting (once again) the collapse of the crypto market:

What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse.

Crypto Bad, Blockchain Good

Of course, if blockchain is your bag, Mallouk notes that there are ways to invest in the technology without dirtying your hands with cryptocurrency:

If you like the technology behind cryptocurrency, the blockchain technology, there are ways to invest in that. There are companies that are very heavily investing in blockchain and you can buy those companies.

Interestingly, at least as of December 31, 2018, Creative Planning’s institutional portfolio showed increased positions in Microsoft, Square, Accenture, Intercontinental Exchange (ICE), VanEck Vectors, and several other companies that have been making significant forays into the blockchain and crypto spaces.

So what’s the takeaway from this? Well, if I were inclined to be cynical, I would think that at least some of Mallouk’s anti-crypto blathering is self-serving.

Investing directly in crypto (which requires no middleman) = BAD

Investing in blockchain companies (using a middleman like a wealth management company) = GOOD

Got it. No motivation to dissuade crypto investing at all ::eyeroll::

Do you think that Mallouk’s warnings (and those of other crypto opponents) are self-serving or motivated out of concern for investors? Let us know in the comments below.

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