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The co-founder of the crypto derivatives exchange Hxro says he’s accumulating several crypto assets during the market downturn.

In a new episode of Delta-Fi, Rob Levy says he’s not concerned about nailing the exact bottom of the crypto correction.

As the markets search for direction, Levy says he’s accumulating Bitcoin, Ethereum, the relatively new smart contract network Solana (SOL), as well as FTX Token (FTT), the native token of the crypto exchange FTX.

“I want to own the stuff that’s going to best perform. And I’m going to keep adding to it…

I was happy to add to Bitcoin at $45,000… It’s such a longer game to me. You don’t want to get washed out by the noise. What do I think is going to be around? I think Ethereum, people are just getting hip to it…

We’re still at that stage where people are getting in… I’m adding to my key positions. Bitcoin Ethereum, Solana, FTT I think is an absolute no brainer.”

Levy says FTT, in particular, may scare some people since its price remains 20 times higher than it was during the last bear market, even after the large dip.

“Let’s talk about FTT. Let’s say it’s $27, so it’s 20 times higher than where you were buying it. What has their user number done? What has their volume done? Their burns have grown by 100x. If all of that is up more, then it makes me feel better. It’s a different product.”

The crypto derivatives exchange executive cautions that Bitcoin and the market as a whole could still move much lower.

“We could easily go down to $20,000 again. You can protect yourself. You don’t have to be all in all the time. Being all in in spot coin, that technically shouldn’t hurt you unless you have to sell for liquidity.

One Bitcoin is one Bitcoin. If you think it’s going to be way higher in the future and you don’t have to sell it, there’s no problem there.”

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In brief

Rob Levy is co-founder and president of Hxro, a crypto betting market.

From his perspective, people seem to think Democratic control in Washington will be better for crypto.

He pointed to stimulus checks and policies from the Federal Reserve that could spur asset growth.

Speaking a day after portions of the US Capitol were overrun by pro-Trump protestors, Rob Levy, co-founder and president of crypto prediction market Hxro (pronounced “hero”), indicated the cryptocurrency industry is looking forward to a transition of power in Washington and the stability that may bring.

“I think, in general, the Democrats taking control is seen as friendly for crypto,” he told Matthew Aron on the Decrypt Daily podcast, only slightly hedging his forecast.

“We saw at the end of December [US Treasury Secretary] Mnuchin coming out with some more harsh words for Bitcoin and crypto in general,” he said, likely referring to “rushed” rule-making by the Financial Crimes Enforcement Network that would require large transactions to crypto wallets to be recorded and/or reported to FinCEN. “We’re not going to be thrown curveballs like that, in the minds of the public, with Democrats running the US. And so that, in general, is friendly.”

Hxro is a gamified market that allows users to bet on whether an asset price will go up or down in a specified amount of time. Levy, who gets to see his users react to political developments in real-time, came with some predictions about what Dem control will mean for American’s checkbooks as well as for oversight of the apolitical US Federal Reserve.

The Democrats look set to embrace a liberal fiscal policy and “are more apt to push through bigger stimulus checks,” suggested Levy. Though a December 2020 proposal to send $2,000 to most Americans (instead of $600) failed in the Senate, that could be revisited now that Democrats are set to take control of the upper chamber.

Fiscal policy measures geared toward putting more money into citizens’ pockets goes hand in hand with central bank efforts to increase the money supply.

“This whole monetary policy of easy money, it’s not going away,” he said. “This policy of…we’re gonna buy all assets, the Fed’s gonna buy government bonds, they’re gonna just flood the streets with money, it’s not bearish for any asset, really.”

Including Bitcoin.

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Bitcoin.News

Tag: Hxro

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In brief