- deVere CEO Nigel Green is down on his Bitcoin investment after he sold 50% of his holding at $25,000 in order to “buy the dips”
- Bitcoin advocate Green sold half his stash over the Christmas period after it hit record levels
- Green’s experience shows why it’s best to just hold in a Bitcoin bull run
deVere CEO Nigel Green is out of pocket on his Bitcoin investment after his announcement that he had sold half of his stash over the Christmas period in order to “rebuy the dips”. As sensible as this theory was, given Bitcoin’s incredible run from $3,850 in March, it has shot up another $11,300 since Christmas Day, illustrating that even professionals get it wrong sometimes.
Green Sells High…But Will Have to Rebuy Higher
deVere group is a financial consultancy with more than $10 billion under advice from over 80,000 clients, so they are no mugs when it comes to the financial markets. Founded by Green in 2002 they launched a cryptocurrency offering in 2018, thanks to Green’s faith in cryptocurrency as an asset class.
It is not known when Green picked up his personal Bitcoin stash, but clearly he felt he had made enough profit as Bitcoin hit $24,700 on Christmas Day:
I have sold half my holdings of Bitcoin as it hit an all-time high. Why? Because it should now be treated as any other investment –that’s to say, where possible, it’s better to sell high and re-buy in the dips…I felt the time was right for profit-taking.
This was a sensible enough move, and Green might have thought he was onto a winner when Bitcoin began to retrace later in the day, but since then it has been on a tear, piling on over $11,000 in eight days, hitting $34,800 over the weekend.
Bitcoin Bull Markets are for Holding
The chance for Green to buy the dip may have passed then, although he will likely be buying back in soon, given his rationale behind holding Bitcoin in the first place:
There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it’s profit-taking now to buy more later. Indeed, more than ever, I believe that the future of money is cryptocurrencies.
So there we go – even professionals can mistime the markets, offering a little nugget of hope to those that missed out on Bitcoin’s epic pump. And just hodl.
