A trader who accurately predicted the housing market crash in 2007 is now bullish on Bitcoin (BTC) due to the weakening US dollar.
In an interview on CNBC’s Fast Money, Vincent Daniel, co-founder of Seawolf Capital and a “Big Short” investor, explains that the devaluation of the US dollar is influencing his positive outlook on BTC.
“We were long on Bitcoin and short on Microstrategy. As an investor or trader, it’s important to acknowledge when you’re wrong and make necessary adjustments. We cut our losses on Microstrategy but maintained our position in Bitcoin due to the significant devaluation of the US dollar and fiat currency.”
Porter Collins, another co-founder of Seawolf Capital and a “Big Short” investor, highlights that besides gold, Bitcoin is a valuable asset to hedge against US dollar devaluation.
“Our thesis on dollar devaluation includes assets like gold, silver, platinum, and Bitcoin. The increasing debt and deficits are concerning, and it’s affecting the value of our currency.”
If you consider the current deficit of $1.268 trillion and the total debt of $34.997 trillion in the US, the situation is worrisome.
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Image Credit: Midjourney
