Bitcoin is the top pick! An asset manager is confident that Bitcoin will take him ‘to the top’ this time.
An annual stock-picking competition, CNBC’s Stock Draft, was recently showcased and Bitcoin is still the number one choice. The founder of Seymour Asset Management, Tim Seymour, believes that the government will come out with different regulations that will support Bitcoin. He is positive that Bitcoin will take him ‘to the top’ soon.
Bitcoin is Still Number One!
CNBC’s Stock Draft 2021 began last week. There are a total of 10 contestants or teams from different professions. Each team will have 2 picks from a list of 60 stocks and other investments.
Tim Seymour won a drawing to make the first pick for this year’s competition. It was in 2019 when he made the first pick, choosing general Electric.
Seymour is an experienced investor in the cannabis space who manages Amplify Seymour Cannabis ETF, and he was expected to pick a cannabis stock first. But he chose Bitcoin for his top pick this year, saying:
The Stock Draft competition’s winner will be the one whose stocks will have the highest average price appreciation from the closing price on April 29 and February 11, 2022.
Seymour responded about the “troubling at least in the near term” bitcoin chart saying, “I’m not worried about the near term and we’ve seen multiple pullbacks in bitcoin.” He admitted that he loved to have bought BTC at its $20K price long ago, he continued, “the sense for me is that we are starting to see much broader institutional adoption.”
Seymour further commented:
His second pick was Tilray, a cannabis research global leader. Another bitcoin proponent, Kevin O’ Leary, who has 3% of his portfolio in Bitcoin, picked Alphabet and Palantir.
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