Popular bitcoin whale Joe007 has recently revealed there are two altcoins that could be used to diversify a cryptocurrency portfolio, instead of the majority of other cryptoassets out there.
The bitcoin whale is well-known for entering large positions on the cryptocurrency exchange Bitfinex, and for being pro-bitcoin and against most other altcoins, including Ethereum. Responding to a tweet from crypto analyst Larry Cermak, Joe007 pointed out that UNUS SED LEO (LEO) could be a solid pick for investors because of its low cross-asset correlation.
The bitcoin whale criticized cryptocurrency traders for chasing cryptocurrency price moves instead, to the point they haven’t noticed the cryptocurrency’s low cross-asset correlation. LEO is a cryptocurrency launched by Bitfinex that gives holders numerous advantages, including discounts on fees.
Joe007, it’s worth noting, became well-known for being at the top of the Bitfinex leaderboard with his massive positions, and has on numerous occasions defended Bitfinex over other cryptocurrency trading platforms.
Nevertheless, he also mentioned another altcoin that could be used to diversify a cryptocurrency portfolio: Binance coin (BNB). BNB is the native cryptocurrency of the Binance Chain and gives holders numerous advantages, including discounts on fees. It can be used to trade on the Binance DEX as well.
Per the bitcoin whale, these cryptocurrencies are different as they are “not trying to be money,” and instead are “equity-like centralized crypto assets.” Last month, Joe007 criticized bullish bitcoin price predictions.
The whale also argued ahead of the bitcoin halving that reduced block rewards from 12.5 BTC to 6.25 BTC, that it was giving traders false hopes of getting rich quick, defying the narrative suggesting bitcoin’s price would surge right after the halving.
Featured image via Pixabay.
