The famous executive announced: This cryptocurrency sold half of its investment!

In a recent interview with CNBC, Steve Weiss, Managing Partner of Short Hills Capital, explained his decision to reduce Bitcoin holdings despite the significant rally in the winter season. Weiss, who was once a supporter of Bitcoin, explained the reasoning behind downsizing his position in the leading cryptocurrency. Here are the details...

Weiss sells pioneering cryptocurrency

Weiss, who had previously turned to the bullish trend in Bitcoin, revealed that he had almost halved his position by selling a significant portion of his holdings. He explained that this move was driven by doubts about Bitcoin's long-term prospects and concerns about urgent developments in the market. Weiss said, "I don't believe in Bitcoin. I still don't see a use case or an end market for it," he said. Addressing his reservations about the expected ETF approval, he expressed concern that positive news may have already been priced in. Furthermore, Weiss highlighted the potential downside risk for Bitcoin if the ETF approval does not materialize, emphasizing that it points to a potential decline in its value.

Weiss acknowledged the potential of ETFs to increase liquidity and demand but remained cautious about their eventual impact on Bitcoin's trajectory. While Weiss acknowledges the utility of an ETF for multiple positions, he believes it can't significantly change Bitcoin's landscape. The millionaire investor argued that buying Bitcoin outright can already be done easily through platforms like Fidelity and Robinhood without the need for an ETF.

Pointed out Bitcoin ETF

Pointing to historical examples, Weiss pointed to instances where the launch of Bitcoin futures contracts resulted in unexpected price drops, contrary to market expectations. Warning against the enumeration that ETF approval would automatically trigger a buying spree, Weiss underlined the complexity of market dynamics and the potential for increased short positions using ETFs.

Despite his decision to mitigate Bitcoin exposure, Weiss emphasized that he continues to assess market conditions and intends to sell the remaining assets, potentially before the ETF deadline on Jan. 10. The cryptocurrency market remains dynamic, and Weiss' cautious approach reflects the ongoing uncertainties surrounding Bitcoin's future.

What are the prospects for Bitcoin?

Meanwhile, according to a recent forecast by AllianceBernstein, Bitcoin's value is expected to reach a new high of $80,000 by the end of 2024. AllianceBernstein analysts Gautam Chhugani and Mahika Sapra predicted a significant increase in the price of Bitcoin. According to a report by MarketWatch, their predictions are based on the expected approval of a spot ETF that directly invests in Bitcoin, the halving event in April, and a surge in institutional demand. Up 150% in 2023, Bitcoin started 2024 on a bright note, touching $45,913 on Tuesday; this is a level not seen since April 2022 but is still 30% below its all-time high of $68,990 in 2021.

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