‘No need’ to invest in bitcoin or gold during the pandemic, says wealth manager – CNBC

Everyone has heard the stories of youngpeople striking it rich by investing in bitcoin.

But Peter Mallouk, president and chief investment officer of wealth management firm Creative Planning, says investors turning to speculative assets like bitcoin or gold and silver are betting on the wrong investments.

"You have incredible companies that we know are not going anywhere, selling for half off. There is no need to go over into the speculative world," Mallouk said. Investors should instead focus on buying the stocks of traditionally stable companies that are trading low because of the coronavirus shutdown.

Check out this video for a full breakdown on why Mallouk says you should avoid cryptocurrencies and to learn where you should be investing instead.

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'No need' to invest in bitcoin or gold during the pandemic, says wealth manager - CNBC