Crypto NewsBitcoinExecutive with $500 Million Wealth Reveals He Sold Bitcoin, Explains Why

Executive with $500 Million Wealth Reveals He Sold Bitcoin, Explains Why

Steve Weiss, who has a fortune of $ 500 million, announced that he sold half of his Bitcoin assets and explained why.

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In a recent interview with CNBC, Steve Weiss, Managing Partner of Short Hills Capital, explained his decision to reduce Bitcoin holdings despite the significant winter rally.

Weiss, who was previously a supporter of Bitcoin, explained his reasoning for reducing his position in BTC.

Weiss, who was previously bullish on Bitcoin, admitted that he sold a significant portion of his holdings and reduced his position by almost half. He cited several reasons for this move, primarily focusing on skepticism regarding Bitcoin's long-term prospects and the impact of recent developments in the market.

“I don't believe in Bitcoin. I still don't see a use case or an end market,” Weiss said. Expressing concern about the expected ETF approval, Weiss suggested that positive news may have already been factored into the current price. Additionally, Weiss highlighted potential downside risk for Bitcoin if ETF approval does not occur, indicating a potential downside risk.

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While Weiss acknowledged the potential for ETFs to increase liquidity and demand, he remained cautious about their ultimate impact on Bitcoin's trajectory. Weiss believes that while an ETF may be useful for multiple positions, it may not significantly change Bitcoin's landscape. The millionaire argued that buying Bitcoin directly is already easily accessible without the need for an ETF through platforms such as Fidelity and Robinhood.

Weiss specifically pointed to historical examples such as the launch of Bitcoin futures, which led to a decline in prices contrary to market expectations. Warning against the assumption that ETF approval will automatically translate into a buying frenzy, Weiss emphasized the complexity of market dynamics and the potential for short positions to increase using ETFs.

Additionally, Weiss expressed reservations about the long-term profitability of Bitcoin ETFs, saying that large financial institutions could significantly impact the profit margins of these investment vehicles.

Despite his decision to reduce his exposure to Bitcoin, Weiss continues to consider potentially selling the remainder of his holdings before the Jan. 10 ETF deadline, stating that he continues to evaluate market conditions.

*This is not investment advice.

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