One of the traders who figured out that the housing market was on the brink of collapse in 2007 says he’s long on Bitcoin (BTC) because of a weakening US dollar.
In an interview on CNBC’s Fast Money, “Big Short” investor and Seawolf Capital co-founder Vincent Daniel says that the deterioration of the US dollar is driving his bullish stance on BTC.
“We were long Bitcoin, we short Microstrategy. Being an investor or a trader, when you know you’re wrong, you’re wrong, and get the hell out.
As a result, we stopped our loss on Microstrategy, but we kept Bitcoin mainly because we have a huge debasement of the US dollar and fiat currency thing.”
Fellow Seawolf Capital co-founder and “Big Short” investor Porter Collins says that aside from gold, Bitcoin is among the assets that can serve as a hedge against US dollar debasement.
“If I come on and pitch my long here, you wouldn’t expect me to pitch a conventional idea and it’s gold. We have this dollar debasement thesis. The basket includes gold, silver, platinum, and yes, Bitcoin.
If you think about the world we live in and if you’ve heard this one on the tape, we hate the deficits.
It’s a trillion dollars of debt we’re adding every 100 days and it’s just too much. If you just think about that $1 in your wallet, tomorrow, it’s worth less.”
At time of writing, the US has a $1.268 trillion deficit and is $34.997 trillion in debt.
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