Bitcoin Remains Best Short-Term Macro Correlation VS Devalued USD: Hedgeye CEO

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Fri, 10/23/2020 - 12:55
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Yuri Molchan
Keith McCullough, CEO of Hedgeye, has tweeted that he believes Bitcoin to remain the asset that shows the best short-term macro correlation with the devalued US dollar
Bitcoin Remains Best Short-Term Macro Correlation VS Devalued USD: Hedgeye CEO
Cover image via app.hedgeye.com
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In his recent tweet, the founder and chief executive of Hedgeye Risk Management, trader and investor Keith McCullough stated that Bitcoin remains the best short-term macro correlation versus the devalued US dollar.

BTC
Image via Twitter

Curiously, around two weeks ago, just before Bitcoin price accelerated to surge above $11,000, McCullough got rid of all his Bitcoin.

Dumping Bitcoin for no obvious reason

On October 6, McCullough announced on Twitter that he had ditched all of his Bitcoin, without providing any reason for that. Many large crypto traders and even the head of Binance, CZ, immediately responded.

Two days later he stated that, in his view, the US economy was heading to Quad 4 due to a market outlook that signified an upcoming deflation.

In an interview to the Wall Street Journal, he explained that Quad 4 refers to the lowest level of the economic cycle. It occurs when both economic metrics get to slow down and the economy starts moving towards its cyclical bottom.

Numerous Bitcoiners with such big-names as Michael Saylor and Jack Dorsey (the head of Twitter) among them have been recently calling BTC the store of value that has been outperforming gold this year.

The companies of these CEOs – MicroStrategy and Square – allocated substantial part of their budgets into Bitcoin recently, with the total equaling to more than $500 mln.

Related $283,295,101 in Bitcoin Shifted by Whales for Just $22 Fee As BTC holds at $13,000
Related
$283,295,101 in Bitcoin Shifted by Whales for Just $22 Fee As BTC holds at $13,000

Ditching Bitcoin days before bullish rally begins

Keith McCullough does not seem to be a Bitcoin believer. Still, four days after the Hedgeye CEO dumped his BTC, the flagship cryptocurrency surged higher than $11,000.

On October 21, Bitcoin surpassed the $12,000 level. On Thursday, October 22, the king crypto broke higher than $13,000 and is now trading in the $12,900 zone.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.