Here’s Why An Outspoken Bitcoin Supporter, Hedgeye Risk Management CEO, Sold All His BTC

Keith McCullough, the chief executive officer of Hedgeye Risk Management, has sold all his Bitcoin to get back into the USD.

McCullough actually has been an outspoken Bitcoin supporter for some time now, but yesterday, he announced on Twitter that he is exiting his bitcoin position.

This certainly got the crypto community talking, with some pointing out how MicroStrategy CEO Michael Saylor decided to buy bitcoin at a higher price than McCullough sold his BTC at.

McCullough first jumped into the leading digital asset right at the height of the 2017 crypto rally.

Interestingly, his latest tweet came just two weeks after he said, “Bitcoin looks like a long” and that he will buy some more BTC. He further noted how it’s “inversely correlated, at an increasing rate, with the US dollar index.”

And this is the reason why he went short on BTC.

As McCullough retweeted Luca Balestrieri’s tweet, “He understands correlations, and he is not a permabull. He sold all his Bitcoins today, he didn’t say he won’t buy Bitcoin anymore. If the USD strengthens so all the (many) correlated things to it will go down, Bitcoin included. He booked a profit today to buy lower next future.”

“USD: was end of AUG the low? #Quad4 is US Dollar Bullish,” tweeted McCullough.

According to Hedgeye Risk management, the US economy is in Quad4 when GDP growth and inflation are slowing. And this is why he sold all his BTC; however, he did make money on his BTC trade.

Besides BTC, he also sold his Barrick Gold, bullion mining company, investment, and is shorting silver as well. And the reason is the same – while the yellow metal enjoyed US dollar weakness in the previous quarter, the precious metal would decline in this quarter with McCullough expecting the dollar to strengthen.

He also tweeted that bitcoin has today fallen under 410,600 “after failing Hedgeye TRADE resistance yesterday #Quad4.” According to him, “Evidently Bitcoin needed stimulus.”

Moreover, he sees Bitcoin as a long-term play.

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