The founder of the Galaxy Digital bank Mike Novograts is convinced that the actions of legal marijuana producers in the US demonstrate explosive growth, similar to the dynamics of bitcoin and Ethereum in December 2017. So, he intends to open a short position against them [shares], reports CNBC .
"The combined capitalization of these companies reaches $ 28 billion, while their profits are extremely small. If I had a long position, I would certainly close it. If you are a speculator, then in your place I would open a short position , "Novogratz stressed.
First of all, we are talking about the company Tilray, whose shares this week rose by 50%. According to Novogradets, he discovered an effective way to shorten this enterprise.
So, on September 20, Tilray shares dived from the marks around $ 300 to $ 177, losing about 40% in price.
TradingView data
However, as with the crypto currency market, the billionaire is confident in the growth of the industry in the long term.
Recall Novogradts convinced that the digital currency market has finally passed the "bottom" and no further fall will follow.
Subscribe to BlockchainJournal news on Facebook !
BlockchainJournal.news
