Paul Meeks, Chief Investment Officer at Sloy, Dahl & Holst, was recently interviewed by Trading Nation’s Brian Sullivan, discussing tech stock predictions for 2018, including the future of Bitcoin. Watch the full interview here or keep reading to hear the biggest takeaways on Meeks thoughts on Bitcoin.
Question: Is Bitcoin the Next Gold or Alibaba? Or Is It More of a CMGI or ICGE?
Answer: I believe blockchain technology is here to stay. There’s no question in my mind that in the long-term, e-currency is inevitable. However, in the very short-term, Bitcoin is very risky. To me, it looks like a bubble that’s about to burst.
So, while I do like it long-term, some of these plays (either direct or indirect) look very scary. My advice for investors i to stay away from them as far as investors go.
Question: But a burst wouldn’t necessarily be a bad thing, would it? Yes, it would hurt some people in The short-term, but there are some famous companies that also had to go through a kind of cleansing of investors to find its footing.
Answer: Good observation! And not only because of that concept you mention, but also because, you need to figure out who the winners are. You need to have some derivative B and C-tier players that go by the wayside, and you figure out who’s going to be the dominant one. So you’re correct. I do think it is very healthy.