Caleb Garvin recently discussed Paul Mampilly’s take on the latest cryptocurrency advancement in his article “Paul Mampilly Has Struck Gold Again.” The article was published on the Daily Forex Report website and dives into the reasons Paul Mampilly didn’t invest in the cryptocurrency.
Mampilly reveals that about 8% of Americans currently own cryptocurrency and their entire knowledge of it is centered in Bitcoin. The cryptocurrency was created by Satoshi Nakamoto in 2008 to avoid being regulated by governments and banks. Cryptocurrency is an entirely digital form of currency that is managed with cryptographic patterns and incredibly complex rules. It was designed for electronic payments between big tech companies but it began having incredible growth after pop culture discovered it.
Paul Mampilly believes cryptocurrency is actually the next investment bubble and it might be wise to sell now. The controversial decision is based on his identification of bubbles. Though they are difficult to identify, they can show signs like a sharp rise in public interest, like the late 90’s dot.com bubble situation. Mampilly reveals that much of the current sentiment on Wall Street feels similar to the 90’s situation. Many investors are begging him to buy but Mampilly watched the burst in the 90’s and saw hundreds of his friends lose millions of dollars worth of investments.
Mampilly revealed that Bitcoin only continued to rise in value because of the feeding frenzy in the media that constantly claimed the value was rising. By enticing inexperienced investors with the promise of huge profits, people simply did not want to miss out on the opportunity. However, many investors are beginning to understand that the might have missed out on the impressive gains.
Paul Mampilly began his career on Wall Street after graduating from Fordham Gabelli School of Business with his MBA. He went straight to big companies and hedge funds like Bankers Trust Company, ING Funds, and Deutsche Asset Management. He was so talented that he was able to turn $5 billion in investment funds into $25 billion. However, he recognized that Wall Street simply wasn’t doing enough for the average American. This is why he joined Banyan Hill Publishing with his newsletter Profits Unlimited.
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