Paul Mampilly is a trusted entrepreneur and has many people who believe in the things that he says. He is an American investor and financial expert. He truly believes that the cryptocurrency bubble is about to burst. He is speaking out about it because he truly thinks that many people will lose their money. When people first started taking notice to cryptocurrency, everyone was excited. Soon after many people began to lose their money. Now, Paul Mampilly believes that many will lose even more money if they are not careful. Follow Paul Mampilly on Stocktwits.com.
Due to a surge in Bitcoin at the beginning of the year, many people became wealthy. At the moment, Bitcoin is valued at around $19,000. Paul Mampilly is urging everyone to be cautious because he believes Bitcoin, Ethererum and other cryptocurrencies are in major trouble.
A cryptocurrency is simply a form of currency that is digital. It is not backed by any financial institution or bank. It was first used as a peer to peer form of payment but then some big name in the technology industry started using it and it took off. Japan is basically making organizations accept Bitcoin as a form of payment and Russia is sliding in that direction.
One of the largest falls of Bitcoin was when it dropped from $19,000 to $8,000. This was a serious hit for many people. Paul Mampilly believes that things will definitely get worse before they get better.
Some people believe that Paul Mampilly is saying be cautious of Bitcoin and other cryptocurrencies because he did not invest in them when he had the chance. Mampilly says that it was his choice to make and he decided to not go that route. People should not do anything drastic but they should be aware of what could happen. Just because something may be up at a specific time, does not necessarily mean that it will stay that way.