Categories: Bitcoin

According to Troy Gayeski. from Skybridge Capital, a bitcoin supply shock similar to 2020 is imminent

Troy Gayeski, SkyBridge Capital’s co-chief investment officer, predicts Bitcoin will experience a supply crisis, similar to what it did last year when it triggered the bull market.

Troy Gayeski – Investment Director of SkyBridge Capital

In a recent interview with Bloomberg, Gayeski said that on-chain signals suggest that a certain group of buyers is back and Bitcoin is accumulating in the long run.

“If we look at the on-chain, the data says that many powerful owners are re-asserting themselves and accumulating from what they launched late last year. And that leads to a kind of supply shock, much like last October and November.

So it will be a volatile asset. But it’s still not correlated. And I think the risk return is currently sloping in a positive direction. “

While Skybridge Capital believes Bitcoin is bullish over the long term, Gayeski said it reduced its Bitcoin position during the crypto market crash in May.

“Essentially, we trimmed our positions to minimize our losses, and by the end of March we had more outflows than inflows.”

After selling their bitcoins, Gayeski said they switched part of the proceeds to ether.

“And since then we’ve turned a small amount of capital into ether. We see the market very simply: Bitcoin will lead the market in terms of inventory value and Ether, at least for now, the market leader in terms of transaction usage. So let’s do a little diversification. Overall, we have a scale of 9% of the money invested in it. “

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According to Dailyhodl

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