Legendary Trader Peter Brandt Says He’s Now More Comfortable Holding Cash Than Crypto – Here’s Why
Veteran analyst and crypto trader Peter Brandt says he’s now more comfortable holding cash than Bitcoin and crypto.
In a new tweet, Brandt tells his 535,600 followers that he trimmed his crypto holdings which previously made up 25% of his investment portfolio.
“Crypto was once 5% of my invested capital, then became 25%. That’s insane. I’ve gone largely to cash which became concerning until USDX began advancing this past week.”
According to Brandt, the US Dollar Index (USDX) is starting to show signs of life. Should the USDX rally, it could have a significant impact on some investment portfolios.
“The U.S. Dollar DX_F USDX is poised for a rally, perhaps a very significant rally. The stars are aligned (charts, sentiment, COT positioning, analogs). Investors should consider what a strong USD rally will mean to their portfolio holdings.”
Brandt adds that other assets including crypto will likely take a hit as long as the US dollar is bullish.
“For as long as the U.S. Dollar DX_F remains king, all subject will bow before it – other currencies, raw materials, cryptos (even baseball cards, talking rocks and beanie babies). Of course, kingship is always a temporary condition and kings can be dethroned in a moment’s notice.”
Although the veteran trader may be short-term bearish on Bitcoin and crypto, he says that he is still holding BTC and has the dry powder to buy more.
“Full disclosure: I have a sizable allocation available to own BTC. 20% of that allocation currently holds BTC as an insurance policy against the historic trend of fiat depreciation. But, I am also currently long USD via futures contracts.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Federico Rostagno
The post Legendary Trader Peter Brandt Says He’s Now More Comfortable Holding Cash Than Crypto – Here’s Why appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
