McCullough: Don't Be 'Ideologically Wed' To Bitcoin

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Includes: BCH-USD
by: Hedgeye

Summary

Bitcoin has plummeted almost 70% from its all-time high in December of 2017.

Hedgeye CEO Keith McCullough recommends not being “ideologically wed.” In other words, risk manage it like anything else.

“I could be the biggest bull on earth on Bitcoin at some point, but it’s a good thing I haven’t on the way down,” McCullough says.

There are plenty of strong opinions about Bitcoin and cryptocurrency all over the internet. But if you follow the Hedgeye process, even Bitcoin can (and should) be traded dispassionately.

Something that is not an opinion about Bitcoin? Its value has plummeted almost 70% from its all-time high in December of 2017. A ton of “investors” got sucked in from the hype and got hurt in the process.

Hedgeye CEO Keith McCullough recommends not being “ideologically wed.” In other words, risk manage it like anything else.

“I could be the biggest bull on earth on Bitcoin at some point, but it’s a good thing I haven’t on the way down,” McCullough explains in the clip above.

“If you really believe it’s an asset class, then talk like a big boy or big girl about an asset class. If an asset class goes down 66 percent and you’re long it, institutionally, you’re out of business.”

Watch the full clip above for more.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.