Why Sprott’s Rick Rule Sold His Bitcoin

Sprott U.S. Holdings’ CEO Rick Rule is known to talk gold and mining stocks, but the outspoken investor also has thoughts on cryptocurrencies. Speaking with Kitco News Tuesday, he said he dabbled in the leading cryptocurrency bitcoin for some time. But, ‘the truth is I am no longer a bitcoin holder,’ he added. Despite much volatility, bitcoin has been on a tear this year, up more than 300% and hovering near the $4,000 price tag, according to Kitco’s aggregated charts. Rule said he sold his bitcoin at half the current price but still thinks the technology behind cryptocurrencies is ‘fascinating.’ ‘Will it change the way that we do commerce worldwide? Absolutely.’ However, the longtime investor said he still does not view bitcoin or other virtual currencies as safe bets. ‘I don’t think it’s a safe haven at all.’ (show less)

Sprott U.S. Holdings’ CEO Rick Rule is known to talk gold and mining stocks, but the outspoken investor also has thoughts on cryptocurrencies. Speaking with Kitco News Tuesday, he said he dabbled in the leading cryptocurrency bitcoin for some time. But, ‘the truth is I am no longer a bitcoin holder,’ he added. Despite much volatility, bitcoin has been on a tear this year, up more than 300% and hovering near the $4,000 price tag, according to ... (read more)

 
 
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The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

 

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