Why the I/O Fund Cut BTC at the Top
June 23, 2021
Knox Ridley
Portfolio Manager
On March 2nd we provided a detailed webinar regarding the state of Bitcoin. We outlined that we could see one more push for Bitcoin into the $64,000 - $107,000 region before we see a major top form.
As the uptrend continued through April and May, Bitcoin topped at $64,895, which was the lower end of our listed range. Because of this, we began a selling campaign, where we took heavy gains by cutting our position in half.
We began buying Bitcoin at $7,717 in 2020, and continued to buy up through the $19,666 breakout. We have re-allocated our cash gains from Bitcoin into beaten down tech stocks. We have also begun buying back into Bitcoin in small increments.
View Bitcoin Update video here:
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