The development of the Bitcoin has polarized the financial markets with many seeing the cryptocurrency as the greatest step forward of recent years and other financial experts claiming they are a bubble soon to burst. Cryptocurrency trading has gone through many highs and lows since it was first introduced in 2009 and an initial transaction took place to purchase two pizzas; in the latter half of 2017 Bitcoin values have boomed to reach more than $19,000 per coin mined. Financial expert, Paul Mampilly has been the voice of reason throughout the Bitcoin stating it reminded him of the period prior to the tech shares crash of 1999.
One of the major problems identified by Paul Mampilly with the cryptocurrency boom has been the fact many of those who are mining these coins are clinging on to them with a romanticized version of the role any currency plays in the financial industry. Mampilly made his name as one of the world’s leading investment specialists working with major financial corporations since 1991 and made his name as a leading hedge fund manager in 2006 when he took on a role with Kinetics Asset Management; in just two short years the fund had risen from a $6 billion value to more than $25 billion.
In 1999, Paul Mampilly had joined the millions of investors looking to technology startups to further their investment funds in a sector which was expanding by the day. Taking a closer look at the investment opportunities offered in the technology industry allowed Paul Mampilly the chance to identify the signs of a bubble about to burst within the tech sector. Many ignored the warnings of Paul Mampilly as he sought to identify the many different issues facing the tech industry and did not sell their shares prior to the crash which wiped billions of the value of the U.S. markets. Mampilly himself did not lose any funds in the tech bubble crash of 1999 as he had departed the sector and despite some worrying moments remained clear of it in the months leading up to the 1999 crash.
— Paul Mampilly (@Paul_M_Guru) December 14, 2017
Paul Mampilly has been warning of a similar fate awaiting those who refuse to believe the cryptocurrency crash is coming and will not sell their Bitcoins before the crash arrives. The similarities between the two periods of time are stunning and show the skills of Paul Mampilly in seeing the cycles which will affect the markets in the future.