Brian Kelly responds to BIS report, says Bitcoin [BTC] needs time

CNBC Fast Money’s Brian Kelly, responding to the release of the BIS’ annual report, on Monday said that The Bank for International Settlements [BIS] and other banks are the middlemen that cryptocurrencies like Bitcoin seek to do away with. He claims these banks form the ‘old guard’, while Bitcoin is part of the ‘new guard’.

There are many inconsistencies in the BIS report, claims Kelly, who said he had perused the report thrice that very morning. They say money is about trust, and they also say trust can fall apart. Kelly also calls attention to the fact that the BIS report is being too hard on an industry and that might make them obsolete.

The BIS, also referred to as ‘the bank for central banks’, feels ‘Bitcoin itself is an existential threat to the central bankers,’ Kelly asserts. Bitcoin was designed to act as an alternative financial system, and the cryptocurrency ecosystem does not need central bankers.

He feels:

“Its the new guard vs the old guard out there.”

Brian Kelly also said on air:

“While the markets and prices had gotten way ahead of where the technology is. In 1981, the San Francisco Examiner went online, took two and a half hours to download their newspaper. People said, this could never work, to download pictures, it takes too long. That’s where we are with Bitcoin. You gotta take a step back and put it in perspective. As this technology grows, you will get more use.”

The Bitcoin Hat Guy replies on Twitter:

“Brian makes some good points. But comparing bitcoin to Napster is awful. I know what he’s getting at but Napster was shut down. Napster had a central point of failure, bitcoin does not. Bitcoin can not be shut down. You can’t file a lawsuit against bitcoin.”

Kable41 backs Kelly up on Twitter:

“This shouldn’t be a shocker. A centralized bank slamming something decentralized that has the potential to render the traditional banking system useless. Sounds about right”

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