Portfolio Update: Reducing Bitcoin (BTC); Adding to Cash (BIL)
Taking Profits on Bitcoin We’ve had Bitcoin (BTC) as a position in our model portfolio since we launched it back in late-September 2022 as a high beta bet on equities. Since launching the portfolio, Bitcoin is up about 22%, outperforming the S&P 500’s rise of about 10%. In 2023 Bitcoin is up nearly 40% against […]
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What the Dollar Does from Here Will Seal Bitcoin’s Fate
Summary: Bitcoin has been lagging equities since the market bottomed in mid-June. The best returns to Bitcoin are seen when the rise in the S&P 500 happens gradually, when the VIX is very low and when the dollar weakens the most. Two powerful forces have driven the recent appreciation of the dollar: its role as […]
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