Bitcoin [BTC]’s “uber and perma-bull” Brian Kelly capitulates which is a bullish sign says Mike Novogratz


Brian Kelly, commonly described by CNBC as “uber-bull” and a proponent of Bitcoin said that he is short on Bitcoin, in a CNBC interview on December 17. In response to this, Galaxy Digital’s Mike Novogratz tweeted a sarcastic comment.

Brian Kelly spoke about the recent progress that is happening in Bitcoin and the cryptocurrency community. He compared Bitcoin’s adoption to the early ages of internet adoption, which people didn’t accept at the start due to slower and unreliable internet connections.

He proceeded to explain about his position on Bitcoin and said that he wasn’t just holding Bitcoin and being long on it. Kelly continued:

“I’ve always said 1 to 5 percent of your portfolio should be allocated this because this is the riskiest thing you can do with your money that being said at my firm we run a long-short crypto hedge fund we have systemic models that are both long and short on a long and short-term basis so at any given time we can be short Bitcoin”

Meanwhile, the comment by Brian Kelly was reported by a podcast, “Quoth The Raven” by Zero Hedge. This Kelly enraged his followers, as he was always long on Bitcoin or at least that was his standing opinion.

The podcast was critical about Kelly’s casual comments which announced that he was short on Bitcoin. In addition, the podcast claimed that Kelly repeatedly pumped Bitcoin to get listeners interested and investing in the currency which was misleading.

Furthermore, Brian Kelly stated:

“This is not the funeral for bitcoin, whatsoever. Let’s put this in perspective. Do you know where we were a year ago? $2,500. Bear markets, we don’t know where they end. It doesn’t mean that Bitcoin can’t go lower, but this is by no means the funeral for bitcoin.”

Mike Novogratz stepped in and retweeted Quoth on Raven saying:

“When the True believers cave, it’s usually a bullish sign. This is the third article on perma-bulls that I’ve seen where they threw in the towel. That’s kind of bullish.”

A Twitter user XRP_News commented:

“Everyone and their grandmother is bearish.

This is very good indeed.”

Another user, Hodlonaut commented:

“Brian Kelly was never a true believer.”

AvB tweeted:

“Perma bulls don’t cave. If they did, they wouldn’t be called perma bulls, would they?
Brian Kelly wasn’t bullish on Bitcoin. He was bullish in Crypto. His knowledge of Bitcoin is comparable to a four year old.”

Robert Cooper commented:

“Either he is lying or he is running a pump and dump scheme. Both ways he has deceived the public. Shame on him and CNBC for allowing this#bk”

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