$63,636.00
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-3.76%
Keith McCullough, CEO of Hedgeye Risk Management, has cashed out of Bitcoin. McCullough, an outspoken commentator on Bitcoin since 2017, announced the news today to his 189,000 Twitter followers.
I've sold all of my Bitcoin
— Keith McCullough (@KeithMcCullough) October 6, 2020
McCullough did not provide a reason for selling all of his Bitcoin, but retweeted a comment from Luca Balstrieri, who said that McCullough “understands correlations and he is not a permabull.”
Balstrieri continued: “He sold all his Bitcoins today, he didn’t say he won’t buy Bitcoin anymore. If the USD strengthens so all the (many) correlated things to it will go down, Bitcoin included. He booked a profit today to buy lower next future (sic).”
Hedgeye Risk Management produces what it calls the “the Holy Grail of risk management investing tools.” According to McCullough, the firm provides advisory services to clients that manage over $1 trillion in assets. The company also provides financial research and content for a YouTube channel, Hedgeye TV, where McCullough issues peppy insights on the economy to his 42,000 subscribers.
McCullough said he “officially [joined] the Bitcoin debate” in December 2017, right at the time of the 2017 boom, when Bitcoin’s price hit just shy of $20,000. He’s spoken about the coin ever since.
In a video on September 23, just two weeks ago, McCullough said that “Bitcoin looks like a long.” He noticed how it’s “inversely correlated, at an increasing rate, with the US dollar index.” He said, “Today, I’m going to buy a little more Bitcoin.”
But that was then and this—this moment right here—is now. Bitcoin’s price hasn’t changed much since September 23, but, at $10,721, it’s more than double what it was in March, when it tanked amid the market uncertainty caused by the coronavirus pandemic.
McCullough has made a career out of timing the market. Did he make the right call?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
