Although bitcoin has hit record highs earlier this week, one famed investor says he sold his share before the run up but he’s not regretting it.
Sprott U.S. Holdings’ CEO Rick Rule told Kitco News about his previous investment in the cryptocurrency, and what prompted him to sell his bitcoin. “The truth is I am no longer a bitcoin holder,” he said.
Bitcoin surged past $4,000 early Sunday, but Rule said he let go of his bitcoin holdings long before its run up. “I’ll admit that I took my profits at bitcoin at half the current price, which is to say my trading could’ve been more efficient,” he added.
Still, Rule said this isn’t something he necessarily regrets. He remains interested in the technology behind cryptocurrencies, adding that it is “a fascinating subject moving forward.”
“Will it change the way that we do commerce worldwide? Absolutely.”
“My recent experience shows than even a 64-year-old technophobe, like myself, can buy bitcoin reasonably simply and can sell bitcoin reasonably simply,” he noted, referring to the seamless and cheap nature of crypto transactions.
However, Rule said investors shouldn’t necessarily view the cryptocurrency – or any other virtual currency – as a means to protect their portfolio.
“I don’t think it’s a safe haven at all,” he said. “This is an extremely exciting technology, but will there be problems with volatility and fraud? Absolutely.”
