One of the traders who discovered the housing market was on the brink of collapse in 2007 says he is long Bitcoin (BTC) due to a weakening US dollar.
In an interview on CNBC’s Fast Money‘Big Short’ investor and co-founder of Seawolf Capital Vincent Daniel says the deterioration of the US dollar is driving his bullish stance on BTC.
“We were long Bitcoin, we were short Microstrategy. As an investor or trader, if you know you’re wrong, you’re wrong and go ahead.
As a result, we stopped our losses on Microstrategy, but we kept Bitcoin, especially since we have a huge depreciation of the US dollar and fiat currency.”
Fellow Seawolf Capital founder and ‘Big Short’ investor Porter Collins says Bitcoin, along with gold, is one of the assets that could serve as a hedge against the depreciation of the US dollar.
“When I come here and give my long pitch, you wouldn’t expect me to pitch a conventional idea, and that’s worth its weight in gold. We have this statement about the depreciation of the dollar. The basket contains gold, silver, platinum and yes, Bitcoin.
If you think about the world we live in and if you’ve heard this on tape, we hate shortages.
It’s a trillion dollars in debt that we’re adding every 100 days, and it’s just too much. If you only think about that €1 in your wallet, it will be worth less tomorrow.”
At the time of writing, the US has a net worth of $1.268 trillion shortage and has a debt burden of $34.997 trillion.
https://www.youtube.com/watch?v=SCEljq9SLc
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