Keith McCullough, CEO of risk management company Hedgeye sold all its bitcoins on Tuesday (06). This Thursday, he explained why.

“It’s not personal,” he said in a blog post. It’s just “RoC Empirics”. Duh! (RoC means return on capital. Empirics means mathematics).

McCullough’s answer about why he claims to have sold his bitcoinb – you don’t know the amount – is hard to analyze and seems vague.

He says he sold for a combination of “falling economic growth and slowing inflation. According to him, we are currently in quadrant 4 of the figure below.

For him, this “becomes an easy A/B test decision” or a decision “to sell some now and then sell all”. He says: “Besides Hedgeye Equity, my investments in real estate, wine and venture capital, I am not a buyer and HODLer”. This means he is not attached to other types of investments.

And Bitcoin is not on the list.

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McCullough continues: “If this empirical fact or my decision to reduce revenue and/or sell affects you emotionally, you should really consider why this is happening to you. When I sell something with a big gain, the only feeling I get is that I’m paying taxes”.

So, “if the gold and Bitcoin keep correcting the price (they are already in action since I made my sales), there is nothing that says I can’t buy them back”, McCullough continues.

On another occasion, McCullough said he “officially [entered] the Bitcoin debate” in December 2017, right at the time of the 2017 boom, when the price of Bitcoin reached almost $20,000.

In a video on September 23, just two weeks ago, McCullough said “Bitcoin looks promising in the long term. He noted how it is “inversely correlated, at an increasing rate, with the US dollar index. He said: “Today, I’m going to buy a bit more bitcoin”. Today, after selling, he said he expected more from the bitcoin community. “I thought they understood mathematics. They prefer narratives and emotions”.