In the annual stock picking competition CNBC stock draft, Bitcoin is the first choice. Tim Seymour, the founder of Seymour Asset Management, believes that the government will introduce regulations to support Bitcoin. He is confident that the cryptocurrency will take him to the top this year.

Bitcoin is the top pick in the annual stock picking competition

CNBC’s annual stock picking contest “2021 Stock Draft” started last week. There are 10 contestants or teams of different professions. Each team selects 2 from a list of 60 stocks and other investments.

The teams are led by Tim Seymour, asset manager of Seymour Asset Management, professional poker player Maria Ho, Olympic swimmer Ryan Murphy, Shark Tank’s Kevin O’Leary (aka Mr. Wonderful) and “The Stock Guy” Jason Frank. Also participating in the competition were psychologist Oz Pearlman, supermodel Petra Nemcova, Tiktok star Josh Richards, Miami Heat’s Andre Iguadala’s professional basketball player, and Hightower Stephanie Link’s chief investment strategist and portfolio manager. .

The stock draft 2021 team. Source: CNBC

Tim Seymour, the founder and chief investment officer of Seymour Asset Management, won the top pick of this year’s competition. The last time he won the No. 1 pick was in 2019, when he chose General Electric.

As an experienced investor in the cannabis sector managing the Amplify Seymour Cannabis ETF (CNBS), Seymour is expected to choose cannabis stocks first. However, he chose Bitcoin as his top choice for this year, noting:

This is not easy. There is no Trevor Lawrence… [but] I am happy to say…no marijuana. I am bringing Bitcoin talent to South Beach. that’s right. First choice: Bitcoin.

The winner of the Stock Draft contest will be the stock with the highest average price appreciation between the closing price on April 29 and the closing price on February 11, 2022.

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Regarding the Bitcoin chart, some people said that it was “disturbing at least in the short term.” Seymour replied: “I am not worried about the short term. We have seen Bitcoin have seen multiple corrections.” “Before” the price of buying BTC, but he said: “For me, we are beginning to see wider institutional adoption.”

Seymour further believes:

I hope that the policies that I can implement will be very helpful to Bitcoin…Bitcoin will take me to the top.

Seymour’s second choice was Tilray, who is a global leader in cannabis research, cultivation, processing and distribution. Another Bitcoin supporter, Kevin O’Leary, chose Alphabet and Palantir, who owns 3% of his portfolio in cryptocurrencies.

Do you think Bitcoin will outperform other investments and help Seymour win this year’s stock selection contest? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons, CNBC

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