Hedgeye CEO Keith McCullough claims he’s sold all of his bitcoin after saying the crypto market is entering a period of deceleration.
The risk management firm head took to Twitter on October 6, publishing a post announcing his sale.
McCullough followed up his tweet several days later, bragging about the position of his sale and saying bitcoin would have to rise above $11K to beat his average selling price.
McCullough explained his decision to sell in a post to Hedgeye’s website. He said the move was “not personal” and instead related to maximizing return on capital. The risk management CEO alluded to a “rising probability of #Quad4 in Q4,” which Hedgeye defines as a slowing of economic growth and inflation.
He continued,
If that empirical fact or my decision to de-gross and/or sell affects you emotionally, you should really consider why that’s happening to you. When I sell something for a big gain, the only feeling I have is that I am going to pay taxes.
McCullough also predicted that a strengthening dollar this week would result in a reversal for bitcoin’s price, which surged to $11,300 over the weekend.
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