Cloud Hosting

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.

More from Invest in You:

'Predictably Irrational' author says this is what investors should be doing during the pandemicCoronavirus forced this couple into a 27-day quarantine amid their honeymoon cruiseHow to prepare for a family member with COVID-19

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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