Brian Kelly, the CEO of investment firm BKCM LLC has stated he believes this Bitcoin rally is real. He has provided three key reasons for Bitcoin rally to stay. What is your projection?
24 July, AtoZ Markets – The price of Bitcoin continues to rally, as it has hit above $8,000 for the first time in two months. In spite of the fact that the value of Bitcoin is still 60 percent lower compared to its all-time high of December 2017, the leading cryptocurrency is still appreciating. In fact, according to Brian Kelly, this rally is here to stay.
CEO of investment firm sees 3 Reasons for Bitcoin Rally to Stay
Bitcoin’s price is now standing at $8,198.49, still continuing its uptrend and reaching 60-day high on Tuesday. Prior to climbing to today’s highs, Bitcoin has broken the $8,000 level for the first time since May 2018. Brian Kelly, one of the crypto entrepreneurs, has stated that the recent Bitcoin rally is real. He has outlined three reasons for such trend.
Bitcoin ETF Launch Speculation
Mr. Kelly has noted that “the chances of an ETF in 2018 are relatively low.” He also mentioned that “this doesn’t stop speculation” as one of the key drivers behind Bitcoin’s price.
Earlier in June, the US Securities and Exchange Commission SEC) has revealed that the CBOE Global Markets company has filed for a Bitcoin-based exchange-traded fund (ETF) with the US securities regulator. We have talked about the chances of this Bitcoin ETF being approved in one of our previous articles as well.
Rising interest from the financial institutions’ side
Mr. Kelly has been quoted as saying:
“I can tell you from the calls that I’m getting, people that looked down on it [Bitcoin] in December didn’t like the price and are coming back now saying – Alright, this thing is not going away, we need to understand what it is, where does this asset class fit into our portfolio.”
In fact, it is understood that Mr. Kelly is not alone with his beliefs. Earlier this month, Barry Silbert with the Digital Currency Group, has highlighted the importance of institutional money flowing into the crypto market.
“New Internet” or “Web 3.0” is a term that has been widely used across the web, which refers to a so-called “improved internet.” Mr. Kelly has stated that institutions see cryptocurrencies as a critical factor that allows the existing ecosystems to create the “new internet.” Therefore, the new technology would appear as a favorable addition to their portfolios.
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