Why Sprott's Rick Rule Sold His Bitcoins

KITCO NEWS - Sprott U.S. Holdings' CEO Rick Rule is known to talk gold and mining stocks, but the outspoken investor also has thoughts on cryptocurrencies. Speaking with Kitco News Tuesday, he said he dabbled in the leading cryptocurrency bitcoin for some time. But, 'the truth is I am no longer a bitcoin holder,' he added. Despite much volatility, bitcoin has been on a tear this year, up more than 300% and hovering near the $4,000 price tag, according to Kitco's aggregated charts. Rule said he sold his bitcoin at half the current price but still thinks the technology behind cryptocurrencies is 'fascinating.' 'Will it change the way that we do commerce worldwide? Absolutely.' However, the longtime investor said he still does not view bitcoin or other virtual currencies as safe bets. 'I don't think it's a safe haven at all.'

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.