Mati Greenspan, founder of Quantum Economics, trader, analyst and strategic advisor, has announced a very surprising revision of his cryptocurrency portfolio.
Mr. Greenspan admitted that he moved all of the assets he operates via the EToro trading platform to only one asset - Bitcoin (BTC). According to his statement, he made this decision due to the end of the 'altcoin season' and in lieu of the coronavirus pandemic.
Altcoins are out of season...— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) March 11, 2020
In lieu of the #coronavirus uncertainty, I've moved my entire portfolio @eToro to $BTC until further notice. https://t.co/GNNTCIrm7P pic.twitter.com/bRzyCMCw38
His re-consideration of his portfolio is in effect 'until further notice'.
It should be mentioned that yesterday, the WHO declared the coronavirus outbreak a pandemic and called on all countries around the world to fight it. Also, U.S. President Donald Trump cancelled all flights from Europe to the USA.
Impact of the black swan
Despite market euphoria, there is no general consensus among experts in the crypto industry on how the COVID19 pandemic affects the blockchain sector. Some of them, including Charles Edwards of Capriole Investments, admitted that the impact has been very heavy and is getting only heavier with the panic surrounding classic asset (gold and stock) markets.
However, Vitalik Buterin, Ethereum Foundation co-founder, is certain the coronavirus' influence is greatly over-estimated. Speaking on which assets are the best during hard times, Vitalik said:
I don't think the crypto markets care about coronavirus.
At print time Bitcoin (BTC) is trading at $6,400 and it looks like Mr. Greenspan's announcement is still in effect.