RATE Group | Pot stocks feel like bitcoin last year
42997
post-template-default,single,single-post,postid-42997,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Pot stocks feel like bitcoin last year

20 Sep Pot stocks feel like bitcoin last year

Posted at 20:46h in Bitcoin News by

[ad_1]

Former Goldman Sachs macro trader Michael Novogratz sees a lot in common with the cannabis craze and last year’s record-setting crypto gains. For that reason, he’s betting against it.

“The prices of cannabis stocks today feel like bitcoin and ethereum did in December of last year,” Novogratz, a closely bitcoin evangelist, said Thursday at the Yahoo Finance All Markets Summit.

This week, as pot stock Tilray jumped 50 percent, Novogratz said he “tried real hard” and found a “cool way” to short it.

“The companies trade up to $28 billion on almost no revenue,” he said. “If I was long them, I’d sell them and if you’re a speculator, I’d get short them.”

Bitcoin, which Novogratz has been a vocal investor in, similarly shot…

[ad_2]

Source link

Tags:
, , , ,