Cardone Trades STRC Over Bitcoin, Sees $70,000 Entry Price
Investor Gary Cardone recently shared his strategy for navigating the cryptocurrency market, specifically his approach to Bitcoin. According to him, he made approximately $750,000 on Strategy's STRC instead of buying Bitcoin in June when it was at $98,000.
Cardone told Scott Melker that he deployed capital into STRC near par and generated around $63,000 per month from the position. This allowed him to acquire about 12 Bitcoin while minimizing exposure to crypto price volatility.
The investor emphasized the importance of paying attention to entry prices when investing in assets like Bitcoin. He stated that 'no one should chase Bitcoin ever again' and instead wait for lower prices to buy in, citing $57,000 or lower as a target. Cardone also noted that he wouldn't invest at current levels but would consider buying at mid-to-low $70,000s.
Cardone sees institutional participation expanding, which could lead to Bitcoin's market structure becoming stronger. He believes this shift will make the asset more valuable as collateral, allowing investors to borrow against their holdings rather than selling them.