Don't Get Burned! Cryptocurrencies Are Like Penny Stocks: Doug Casey

KITCO NEWS - Cryptocurrencies have been crashing after hitting all-time highs, although leading virtual currency bitcoin has been holding up better than that rest. But, to famed investor Doug Casey, they are just speculative vehicles. 'You have to consider them like penny stocks and treat them that way,' he said in the last part of his 3-part interview with Kitco News. 'You can't buy them now and look at them as a store of value because they are not.' Despite a pullback, bitcoin is still up on the year, up over 100% since January, according to Kitco's aggregated charts. However, the well-known gold bug is not convinced. 'Just like penny stocks, most of them are burning matches. I think you hold onto them long enough, you will get burned.'

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This article is commentary by an independent contributor.