BitMEX co-founder Arthur Hayes, who stands out with his statements and predictions about Bitcoin (BTC) and cryptocurrencies, made important statements about his investments in his new blog post.
Accordingly, Arthur Hayes announced that he reduced his cryptocurrency positions due to geopolitical tensions and other risks.
Stating that he sold all but one of his memecoins, Hayes said that only the memecoin named Smoking Chicken Fish (SCF) remained.
BitMEX co-founder Hayes noted that he significantly reduced his altcoin positions following the escalation of tensions between Iran and Israel.
“Just because Bitcoin will go up over time doesn't mean there won't be intense price volatility, nor does it mean every memecoin will go up with Bitcoin. So it makes the most sense to adjust positions accordingly.
So when Iran launched its latest missile attack on Israel, I reduced my positions significantly.
Given the unpredictability of how crypto assets will respond to escalating hostilities in the short term, the size of my positions was very large.
“I knew my position size was too big because I would be upset if I lost 100% of my money that I invested in a bunch of memecoins. So I reduced my memecoin holdings. The only meme coin I currently have is Church of Smoking Chicken Fish (SCF).”
Arthur Hayes also said that he has not yet instructed Akshat, the chief investment officer of his firm Maelstrom, to slow down or stop the distribution of funds to pre-sale token transactions.
He stated that Maelstrom will invest the fiat money it holds into Ethena and various less liquid memecoins and wait for the opportunity to buy.
*This is not investment advice.