Bitcoin [BTC] price drop immune to Billionaire Bashing says Brian Kelly

Brian Kelly, fast money trader, in a recent interview with CNBC was seen defending Bitcoin against the bashings it got from the Billionaires across the world.

In the last one week, Warren Buffett, Bill Gates and other Billionaires have come forward and commented on the $9000 plus valued cryptocurrency Bitcoin. According to these Billionaires, Bitcoin has no real use, it has no value and can’t be put to any use.

Brian Kelly gives an interesting analogy in defense of Bitcoin against Warren Buffett’s comment by pointing out that previously Warren Buffett had earlier said that commodities are useless, so petroleum which runs the car according to him is useless. In the same way, Bitcoin or cryptocurrency which runs the blockchain technology is useless.

According to him, Warren Buffett is missing key points about Bitcoin and that he does not really understand the potential of it. He adds on that Warren Buffett was wrong about Google and Amazon before this and he is wrong about Bitcoin too. He just makes stable investments which do not see a high rise or fall, which are secure and the future of it could be easily predicted whereas Brian Kelly believes in investing in more.

He further simplifies Bitcoin and says it is just a software, with hundred thousand lines of code, this code helps replace the middleman in the financial services.

He then attacks Bill Gates, who has not been supportive of Bitcoin or cryptocurrency but does believe that the blockchain technology is of great value and can be used. Brian says that unlike Microsoft which provides software and which is centralized, Bitcoin is a decentralized software. Bitcoin gives the users incentive to run this open source. making the internet itself a unique economic model.

He draws a parallel between the concept of Intranet and Internet and Cryptocurrency and blockchain.

The blockchain and cryptocurrency together are like the internet, free but the blockchain alone is more like the intranet. Bitcoin and other cryptocurrencies give it the power to be an all-powerful economic model.

Brian ends with remarks that in his opinion, bashing from the billionaires do not cause the market to drop instead promote people to invest. So he does not think the bashing from the billionaires was responsible for Bitcoin’s drop after reaching close to its $10000 mark.

He adds:

“Digital currencies one of the biggest opportunities of our generation”

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