Serial investor Fred Wilson has hit back at press reports that traders should have “10-20 percent” of assets in cryptocurrency.
In a blog post this weekend subsequently circulated by Bloomberg, Wilson, who is a famous advocate of crypto and has expressed caution on ICOs, said that around five percent is a more sensible upper limit.
“I think that’s likely at the high end of what the average person should have, but I also think it’s not a ridiculous number for the average person to have,” he wrote.
He added he himself had crypto investments amounting to around five percent of his portfolio.
A previous post had been taken out of context, Wilson continued, by Twitter users incorrectly propagating the 10-20 percent advisory figure.
In addition, media publications such as CoinDesk had “done him a disservice,” he said, after implying Wilson had warned of an “imminent” Bitcoin price crash.
“[CoinDesk] made it seem like I was predicting an imminent crash, which I was not,” he commented afterwards.
“But just as bad, it has led to a lot of tweets […] suggesting that I also said that people should have 10-20 percent of their net worth in crypto.”
The investment mogul additionally updated his investment levels for different types of trader, with “young and aggressive” permitted up to 10 percent.
“Average” investors, though, should not go above three percent, while retirees “seeking to preserve portfolio value and generate income” should have precisely zero percent of their net worth in cryptocurrency.