Businessman, investor and television personality Marcus Lemonis is known for his ability to take struggling businesses and turn them around in return for an ownership stake. However, to Lemonis, Bitcoin is simply beyond repair.
The intangibleness of Bitcoin and cryptocurrencies in general can’t supplant fiat money, according to Lemonis.
“Nothing replaces good old-fashioned cash,” said Lemonis, “I don’t know much about Bitcoin or cryptocurrency. I like good, old American cash. I like it in my pocket and I like it in the bank.”
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Bitcoin’s price has recently been ruled by the bears, dropping over 8% to $6,399.33 as of 4:30 p.m. ET. After breaking a critical $8,000 price point, the leading digital currency has fallen as of late, particularly when news broke that the US Securities and Exchange Commission is postponing their decision on a bitcoin ETF filed by investment firm VanEck and blockchain technology company SolidX.
Bitcoin has fallen 14.5% after breaking through the $8,000 price mark near the end of July–a critical price level seen by bulls as one that would set the stage for a rally.
Nonetheless, some analysts view the decline as a retrace back to a consolidation price of $6,000 or below, which the digital currency breached on June 24. While Lemonis won’t dabble in digital currencies, he advises investors who are interested to do their due diligence prior to investing.
“What I encourage people to do is if they’re interested in something like that, explore it,” said Lemonis.
For more information on the cryptocurrency market, visit the Bitcoin category.