Brian Kelly, the Founder and CEO of BKCM LLC, presented a study on Bitcoin [BTC]’s Bull Case on CNBC Fast Money recently. The cryptocurrency market in the past 2 weeks has seen a major bull run, as speculators are calling altcoins out as dying as Bitcoin rises.
Brian Kelly introduces a 3 pointer bull case for Bitcoin, where he quoted factors such as ETF [Exchange Traded Fund] speculations, institutions getting serious and Web 3.0 is here.
Brian Kelly known by his better nickname ‘BK’, talks about ETFs and how he hopes for one. But says that the chances of an ETF for 2018 are relatively ‘low’, however that does not stop the speculation.
In his second pointer, based on the number of calls he has been receiving, he explains that institutions are getting serious [about crypto market]. People who dropped out of Bitcoin and doubted its potential back in 2017 December due to the fall are now coming back in the game. Kelly also spoke about the recent potential hedge fund of $20 billion acquired by the giant exchange platform, Coinbase.
Further, Kelly adds his Web 3.0 theory explaining how the revolution has come to its next phase. Web 1.0 was at the time of “Global Library” and when knowledge stored in books were transformed to data saved on the internet. Web 2.0 was when social media channels and search engines such as Facebook, Twitter, Google and more came into existence and allowed people the access to a “Global Publishing” internet.
On the other hand, Web 3.0 is a “Global Databank”, which is a migration from Database to Databank. Kelly explains how Web 3.0 is the new internet and a better version of the past, where data can be monetized. This monetization is termed as cryptocurrencies and is the next generation digital payment method.
Brian Kelly also clarifies saying that the market of cryptocurrencies is reflective; it is similar to the market for gold. He says that ‘value that comes, is the value that becomes’ and states this works for Bitcoin as well as gold.
The interviewer asked Kelly about the applicability of the mentioned pointers, its validity now and questioned why it was not valid when Bitcoin was at its declining rate. To this, Kelly said that months ago the crypto-world had its doubts and lows. He further stated that there was a lot of selling happening and the market was filled with sellers [fewer holders/buyers].
Kelly explains that people were not buying BTC when it was at $5800 but now there is a positive ‘news flow’ due to the rising prices as the market is catching up and he expects for more to come.
According to Kelly, the market dynamics have changed in the course of two weeks. In a session released earlier with CNBC Fast Money, he said:
“The character of the market has appeared to have changed. For most of this year, every rally was met with aggressive selling. That has changed over the last two weeks. The potential for a currency war could be a tailwind for Bitcoin going forward.”
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