Fund Manager: Selling Bitcoin to Buy Hot Altcoins Is “Super Risky”

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There’s been a strong move by many Bitcoin investors over recent weeks to accumulate altcoins. The premise of many of these investments is that one can potentially garner more BTC by trading popular altcoins, be that Cardano, Dogecoin, or otherwise. Pseudonymous analyst “PlanB” confirmed this. Citing a poll the prominent Bitcoin investor conducted, he wrote on July 10th; “sellers [of BTC] indicate they are trading or selling Bitcoin to buy altcoins to get more BTC.” For some investors, this is a strategy that has worked. Just look at the chart below, which shows the performance of Bitcoin versus some of the best-performing altcoins over recent weeks. Chart of Bitcoin vs. top altcoins (Dogecoin, Chainlink, Synthetix Network Token, and Cardano) over the past three months from TradingView.com But a prominent fund manager thinks that this strategy may be dangerous and “risky.” Selling Bitcoin to Buy Altcoins Is Dangerous Jason Williams, a…

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