In a Twitter exchange this morning, Keith McCullough addressed the assertion that “Bitcoin will be gold for young people and future generations.”
“I just don’t do it that way,” Hedgeye’s CEO explains in this clip from The Macro Show. “I look at all assets that trade on a price, volume and volatility basis. I don’t look at all assets that trade after a price move and say, ‘How do I create a narrative to sell a newsletter that’s believable?’”
McCullough allocates assets based on specific parameters, not narratives, and the fact is Bitcoin has a far wider volatility range than gold.
“The reason gold is what it is to investors across a far longer duration is because of its volatility profile and its relationship to real interest rates,” he adds. “It has nothing to do with Bitcoin.”
To stay informed on the risk range of Bitcoin and other cryptocurrencies, check out Hedgeye’s Crypto Tracker.
