Paul Mampilly Says Investors Should Remember History
Paul Mampilly has some food for thought about the current Bitcoin boom. According to him, those who want to pour their money into Bitcoin investments had better look back at the dotcom bubble and notice the similarities. There are many ways that the two things are similar, and investors who want to be smart should not ignore history.
Paul Mampilly had a friend who invested a lot of money into the stock market during the dotcom bubble. At that time, some stocks soared around one thousand percent, sometimes even more than that. It was a great boom, and people who invested a lot of money at the beginning became very rich. However, such growth could not be sustained, and the stock prices eventually started going down. However, Paul Mampilly’s friend did not heed his warnings to sell her stocks and cash in on her profits while she was still able to. She refused to listen to him or even talk with him. He sold his stocks and made a profit, but she and many others held onto them. Their greed for even more profits and their hope that the prices would start going up again caused them to lose out. The stock market did not recover, and the stocks did not regain what they had lost. In the end, his friend was left with zero percent of what she gained and was rich no longer.
Paul Mampilly says that many people at the time told him that he was just putting out warnings because he sold his stocks already and was not profiting like they were. However, Paul Mampilly was proven right. These people are saying the same thing now. They are saying that he is only warning them because he did not cash in on the Bitcoin craze. However, he says that he simply sees the Bitcoin craze as a bubble that is bound to burst sometime in the near future.
Paul Mampilly says that if you did make money in Bitcoin by investing early on, you should sell your Bitcoin and cash in on your profits. If you continue holding on to your Bitcoin, it is likely that it will lose its value pretty quickly and you will not be able to regain your profits.
Paul Mampilly is the founder of Profits Unlimited. He is an expert stock investor with decades of experience.
About Paul Mampilly: dailyreckoning.com/author/pmampilly/