Category Archives: BRIAN KELLY

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Reddit Founder Claims Crypto Market Needs a Crash Before Take Off

Reddit founder Alexis Ohanian has remarked in an interview with CNBC that he believes that a crash in the cryptocurrency market as seen over the past few days is needed in order for the market to stabilize and mature over time.

The Reddit entrepreneur feels that focus on software development and infrastructure within the cryptocurrency industry are important factors in building a stable future. He also suggested that the falls in cryptocurrency prices would have the effect of sifting out the undesirables in the industry from the genuine contributors, and those in for making quick money.

The Reddit founder feels that innovations being created now will have longevity and although blockchain pitches he has received may be fewer in number, Ohanian claims that they have more potential than those he was receiving in 2017.

Over the last few days, Bitcoin has suffered its biggest losses in over eight months. Although, after falling to USD 5,202 on 15 November, after a little price correction, trading picked up today at $5552.17 (time of writing). The newly hard forked BCH has fallen by 15% and is trading at $387.41. Brian Kelly, the founder, and chief executive officer of BKCM, has blamed the hard fork for the crypto market crash. Mati Greenspan from eToro says he saw it coming:

“The movement we saw today seemed to be the run-of-the-mill volatility surrounding Bitcoin and a breakout that’s been weeks coming….It’s difficult to say where it ends. No one can really predict.”

Forbes contributor Clem Chambers noted a correlation to the spike in the bond market:

“The obvious culprit causing this dump is Bitcoin Cash, the ‘wannabe’ Bitcoin usurper, which forked from Bitcoin last year. It is forking again and there are competing forks and all sorts of conniptions are expected. It sounds plausible this is causing the move but the fact the bond market spiked at the same time suggests something else is going on to me.”

Stephen Innes who heads up trading at Asia Pacific of Oanda Corporation suggested that the crash was an even worse scenario than he had anticipated and that pre-BCH online chat had the effect of creating doubt and uncertainty among investors.

Ohanian sticks with his view that the crash is necessary, arguing that during hard times people start to focus on the essentials.

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UK Must Become Global Leader in Crypto Innovation

A UK expert has suggested that Britain must seize the opportunity and push cryptocurrency forward to become a global leader in digital assets. The comments were made by eToro UK managing director Iqbal V Gandham, who advised UK government backbencher Nicky Morgan on the Government’s Treasury Select Committee and its Digital Currencies inquiry.

Morgan served as Economic Secretary to the Treasury from October 2013 to April 2014 and as Financial Secretary to the Treasury from April to July 2014. In July 2017, Morgan was elected Chair of the Treasury Select Committee following the 2017 General Election. She later went on the become Secretary of State for Education.

Gandham claims that the UK must act now to get “ahead of the curve” to “foster innovation” in the cryptocurrency space and that as a global leader has the potential to have a major impact on the financial sector by pushing crypto innovation.

As the flagship cryptocurrency faces another unexpected drop in value with the Bitcoin market cap falling below USD 100 billion for first time since October 2017, the eToro boss suggests that a risk-based approach is needed to push mass adoption of the digital currency arguing, “If the UK is going to have any say in blockchain and crypto innovation and is going to lead the world, it needs to act in 2019“.

The latest drop in Bitcoin’s price can be laid firmly in the lap of the upcoming hard fork of Bitcoin Cash, according to CNBC’s Fast Money commentator Brian Kelly, which broke away from Bitcoin in August of 2017 in order to boost the number of transactions, suggesting, “When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing.”

A major sell-off in cryptocurrency markets on Wednesday has continued into this morning’s activity on Asian markets. The aggregate cryptocurrency market capitalization dropped by USD 15 billion over 24 hours Wednesday, according to CoinMarketCap.com.

 

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Brian Kelly: Crypto Set for Institutional Investment Bull Run in 2019

CNBC’s Brian Kelly sees the arrival of industry names setting up crypto subsidiaries, as “fantastic news” which should encourage institutional investments to take off in the new year.

He was specifically referring to news this week that Boston based Fidelity Investments, the fourth largest asset manager with $7.2 trillion in assets under administration, was moving into crypto, offering custody and trading solutions to its clients.

The creation of the company subsidiary Fidelity Digital Asset Services (FDAS), is in Kelly’s view another positive in terms of attracting institutional crypto investment, a factor that, as he has argued for a long time, could start another crypto bull run similar to that of 2017, a view also held by Galaxy Digital’s Mike Novogratz.

The news that major US universities are all raising their cryptocurrency profiles has Kelly proposing that mainstream brokers could easily be brought into the fray in the new year, once the word is out that cryptocurrency is becoming an institutional drawcard. On CNBC he stated:

“Soon. I think very soon. It wouldn’t surprise me to see a lot of those companies have something working in the background by Q1 of 2019. I mean if you’re looking at this, there are a couple things you need to think of. Fidelity is in this space. Also, remember that startups like Robinhood launched a crypto app and got a million users in four days. So if you are at Schwab or you’re at E*Trade, then you may start to look at that and say, “Where are the customers?” And they’re in crypto, so you gotta offer that product.”

Kelly and Novogratz are not the only ones in the market that feel that “institutional FOMO,” should be the catalyst behind the cryptocurrency market’s next bull run, hence all eyes on the SEC and their net move; the addition of yet another major player to the growing cryptocurrency institutional family network is in their eyes no bad thing.

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Prominent CEOs Upbeat on Bitcoin with 10K November Prediction

Some prominent CEOs have been speaking out on where they see the cryptocurrency market heading as it moves beyond 2018 into the future and the synopsis is upbeat.

With co-founder of BTCC Bobby Lee predicting that when Bitcoin passes the USD 60,000 price level in the coming years, it’ll reach a total circulation value of USD 1 trillion, what then is the short-term synopsis for the digital currency?

With 3,650 Bitcoin ATMs in the world and approximately four new Bitcoin ATMs being installed each day, some in the most unexpected of places, the market for Bitcoin certainly isn’t going away anytime soon, and popularity on the street is clearly on the up, with experts expecting the ATM market will achieve a USD 145 million value by 2023.

Herman Finnbjornsson, founder of Svandis, is certain that Bitcoin is going nowhere if not onwards to success, suggesting that “[There’s] Less than a 1% chance in my mind that Bitcoin won’t succeed. I think that there are a lot of reasons to be bullish on Bitcoin. Banks are getting into Bitcoin.”

Banks around the world are becoming involved in Bitcoin with particular interest on Wall Street as ETFs are expected to gain approval by the SEC next year, along with industry expectations these will lift the market and attract institutional investors.

Russell Korus, the CEO of EZ Exchange, sees Bitcoin succeeding for a number of reasons, suggesting that its failproof, decentralized, and autonomous qualities simply can’t be overlooked. He suggests that Bitcoin will lead what he calls “a brand new paradigm” where value can be exchanged without the need for an intermediary creating “far-reaching and society-shifting repercussions”, within the industry as the move towards decentralization now, eventually becomes the norm.

Finnbjornsson sees this year as the springboard to his success scenario suggesting that Bitcoin could easily pass the USD 10,000 price level by the first week of November. Brian Kelly’s biggest news of the year, the much talked about platform backed by Microsoft and Starbucks, will see Bitcoins sales volume support that figure as investors rush to get in early.

 

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Brian Kelly: One Last Hurdle for Bitcoin Rally

CNBC Fast Money’s bitcoin bull Brian Kelly sees a Bitcoin rally as just one hurdle away: ETF approval. Although, he does not see this as likely until August 2019.

The Big Hurdle

Getting the first Bitcoin ETF approved by the Securities and Exchange Commission (SEC) has become a competition between those fighting for the trophy, as well as for Kelly, the biggest hurdle in seeing a real Bitcoin bull market emerge. He fears that any delay, rejection, or request to withdraw could postpone any substantial price appreciation.

Kelly noted that last years SEC rejection of the Winklevoss brothers ETF actually became a boost for altcoins. Right now, he recognized, the market is flat for altcoins like Ethereum and Ripple. But, this could be because all the new money is flowing into Bitcoin. While part of this may be accounted for by people spending fiat on Bitcoin to then purchase altcoins, Kelly estimates that it is more likely to be coming from investors counting on an ETF approval.

If the ETF applications are rejected or delayed, he predicts that the alt market could experience a capital influx as some investors leave Bitcoin. Kelly pointed to the year’s overall growth in the cryptocurrency market, which saw the movements of Bitcoin and altcoins tightly correlated, with the former outperforming throughout August.

Be cautious to buy Bitcoin today if you are counting on an imminent ETF approval, he warned investors. As a short-term trader, Kelly said he had just sold off some of his Bitcoin holdings.

ETF: For Retail Traders or Not?

As the hosts queried whether an ETF would benefit retail investors, Kelly noted that VanEck’s USD 200,000 share price was likely to weed out any potential for them, and rather serve institutional players.

The SEC gave prospective providers 31 points needed to be met to receive approval, with one of these being protections for retail investors. It would seem that Vaneck responded to this by raising the costs to such an extent that they are cut out of the market.

One issue that the Fast Money hosts did not think had been addressed yet remains the problem of providing a sufficient custodial service, with Kelly citing this as a significant reason why approval is not imminent.

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Fast Money’s Brian Kelly Bullish as Ever On Bitcoin’s “Wild Ride”

Brian Kelly is back with his latest views on Bitcoin’s current fortunes and he is upbeat and bullish on where the market is heading.

His last words on the subject over a week back were made in the wake of investors holding their breath for the SEC’s ETF announcements which saw another dip for Bitcoin and other cryptocurrencies. He suggested then that the ETF waiting list at the SEC was driving market uncertainty. He rejected the notion that ETF would be approved by the SEC this year, suggesting that he wasn’t actually optimistic on them being approved in 2018, a view that has now become widely held.

In his latest appearance, he suggested that the “wild ride” Bitcoin is currently on needs to be seen in the context of a before and after scenario regarding CBoE-based Bitcoin futures. He said that Bitcoin frequently doesn’t respond well pre-expiry date, but then experiences a 10% jump following futures expiry.

He cited the expiry of April futures as a case in point which saw a Bitcoin leap of 20% of just six days. Asked if other cryptocurrencies would follow Bitcoin on its current “wild ride” of highs and lows, he revealed his thoughts that altcoins tend to follow its lead:

“They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 per cent run on Bitcoin on a short squeeze, it should bring everything else back up.”

There are some optimists on the other side of the Atlantic who see Bitcoin’s falling price in 2018 as a reflection of the market regulating itself. Phillip Nunn, CEO of investment firm Wealth Chain Capital, suggests than Bitcoin and larger coins will be the survivors after a market realignment: He said:

“The Bitcoin boom seems to be over for now, it’s currently trading at USD 6,472 (time of press) and I personally welcome it. The market is telling us something loud and clear, we do not need 1,000 different altcoins and the crash will most certainly get rid of these. A consolidation of quality projects within crypto will bring about the start of true Bitcoin dominance. I firmly believe the market will sustain itself, now is the time for investment, while prices fall.”

Ted Rogers, the chairman of vault operator Xapo, agrees, also suggesting that the current market offers an excellent opportunity to purchase the flagship digital currency.

 

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Former JPMorgan Blockchain Head Says That Banks Are Close To Adopting Cryto

Amber Baldet, former head of the blockchain arm at Wall Street’s JPMorgan Chase has suggested that banks trading in cryptocurrencies is imminent.

The ex-bank executive, who has now launched her own startup Clovyr, says crypto business will be conducted by banks, “sooner than people probably think,” although she admits that the legal and regulatory framework remains a challenge to financial institutions.

Baldet played a critical role in establishing the bank’s enterprise blockchain strategy, and its flagship Quorom project and was listed in Fortune’s list of the most influential young people in business. She maintains that another challenge to banks will be custody issues, although banks are beginning to find their own resolutions to the problem, with some announced during the past week.

Goldman Sachs has announced its own plans recently to open a cryptocurrency desk which will make it the first of Wall Street banks to take such a significant step. But, it remains to be seen if Wall Street takes this direction in the future. The biggest issue for banks right now is a lack of clear regulation, as they are strictly prohibited from providing any unregulated services.

Founder of the BKCM digital asset fund and contributor to CNBC’s Fast Money, Brian Kelly, has stated that he sees Wall Street becoming a major factor in crypto market popularity, as new institutions such as Goldman Sachs come on board, commenting that this could cause a market surge.

Baldet’s former employer, J.P. Morgan Chase, developed its blockchain technology two years ago for clearing and settling derivatives and cross-border payments, and has shown signs recently it may be leaning towards cryptocurrency, following in the footsteps of Sachs with the new appointment of Oliver Harris as head of cryptocurrency assets strategy.

Nasdaq is already supporting cryptocurrency exchanges, and the company is certainly not new to cryptocurrency’s underlying technology blockchain. Apart from its long-term relationship with blockchain startup, Chain, it has recently announced a collaboration with cryptocurrency exchange Gemini.

In an interview with CNBC, Nasdaq’s CEO Adena Friedman said the firm could one day launch a crypto exchange, commenting: “Certainly Nasdaq would consider becoming a crypto exchange over time…I believe that digital currencies will continue to persist, it’s just a matter of how long it will take for that space to mature.”

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Brian Kelly Says Crypto Markets Will Surge with Wall Street Interest

Founder of the BKCM digital asset fund and contributor to CNBC’s Fast Money, Brian Kelly, has stated on the same program that he sees Wall Street becoming a major factor in crypto market popularity as new institutions come on board.

Kelly maintains that the addition of the New York Stock Exchange (NYSE) and Goldman Sachs to the crypto status quo will cause the market to surge, according to CNN.

It was reported elsewhere that the parent company of the NYSE, the ICE exchange, is not simply launching a futures market as suggested, but a Bitcoin exchange which would trade in the standard way where customers can buy, store and sell Bitcoin.

“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times,” the New York Times reported.

Kelly commented that he was “shocked” when the market didn’t “surge” at the recent announcement by NYSE, maintaining that customers had missed out on an important element that ICE would offer a custody solution. He also noted that this development by NYSE’s parent company demonstrated the emergence of cryptocurrencies as an asset class, allowing for institutional investors to invest in the cryptocurrency market. He commented:

“[The] physical delivery of Bitcoin… means that ICE has a custody solution. That has been the big hurdle. How do you hold onto these assets? These are generally bearer instruments… and so you have to have a third-party custody person. That’s the big deal, they have come up with a custody solution for institutional holders.”

ICE, as yet, have not confirmed if it plans to build an in-house cold storage solution, something usually only offered to small companies. It has been suggested that if institutional investors were to enter the cryptocurrency market with huge capital, this would accelerate it into a multi-trillion dollar market.

 

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Brian Kelly Still Bullish About Bitcoin Climbing

Comments made by BKCM founder Brian Kelly last week, when Bitcoin officially crossed the USD 10,000 line before its subsequent drop, suggested that there were three clear factors that would determine the coin’s next big rally, according to CCN.

The Goldman Sachs factor

Kelly sees the next support levels after USD 10,000 as USD 12,000 and USD 14,000. One factor he cites as being significant in securing this charge, was last week’s announcement by Goldman Sachs confirming the go-ahead to invest customers funds in Bitcoin through a new cryptocurrency trading desk; a decision by the bank largely provoked by customer demand.

Jon Matonis, Bitcoin Foundation founder and Visa executive, is animated with such announcements by major financial institutions such as Goldman Sachs, commenting:

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets — I even think you’re going to start to see interest-rate markets around Bitcoin.”

Matonis sees the move as one which will allow the cryptocurrency market to mature through more public trading of bitcoin. The New York Times reported yesterday that Intercontinental Exchange, owner of the New York Stock Exchange (NYSE), is also considering allowing customers to buy and hold Bitcoin, which would become the second Wall Street financial institution to consider such a step within weeks.

Defining Bitcoin

Another factor, according to Kelly, is the clarity now being offered by the SEC regarding the description of digital currencies. SEC chairman’s Jay Clayton’s recent suggestion that if Bitcoin is a medium of exchange it, can’t be deemed as a security due to its use as a currency which he sees as a positive mover for Bitcoin. However, Aaron Wright, director of blockchain project Cardozo, recently suggested that there is “superficial appeal” to treating Bitcoin and related tokens as securities, as many of them were still seen as “speculative assets”.

New York Blockchain Week

Another push to Bitcoin’s potential pricing fortunes, according to Kelly, is this month’s Blockchain Week being held in New York. Partnering the New York City Economic Development Corporation in the project, Kevin Worth, CEO of Coindesk, comments about the week’s headline event, ‘Consensus’.

“Consensus is more than just a conference. It’s the largest and must-attend gathering of everyone involved in our rapidly growing ecosystem. We’re proud to partner with companies that continue to innovate and actively work toward taking their projects live.”

 

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CNBC Fast Money’s Brian Kelly Will Still “Wanna Buy” Bitcoin at $20K

Brian Kelly, CEO of BKCM and CNBC’s Fast Money, has compared Bitcoin to Microsoft and Cisco in the late 1980s. Likening it to the internet, he pointed out that Bitcoin was not a company, but a public open source software, which was still in the very early stages.

Kelly went on to talk about the recent drop in Bitcoin markets, calling the bottom after it had seen some decent gains. He said, “So I think this is for real, we’ll know after April 17th if we can hold these gains, we’ll know how much of this tax selling impacted, if we use Tom Lee’s work we probably had 500 to 600 billion come off the market for tax selling purposes.”

When asked about the potential in the open source software that is Bitcoin, he stated that he used to think of it as the internet in 1995 but now has a better comparison in that it was the Internet in the late 1980s, being very early stages.

When put forward that Bitcoin was just “one big virus” and that the tech would never breach a new all-time high, Kelly responded, “When it’s USD 20,000 I wanna buy it.”

The #Bitcoin bulls are back in town! And @BKBrianKelly is watching one thing next week that could send the cryptocurrency higher pic.twitter.com/QRbN52XNDq

— CNBC’s Fast Money (@CNBCFastMoney) April 13, 2018

The analyst also backs Tim Draper’s 2022 price prediction of USD 250,000 USD, saying, “This is parabolic, but it would be a continuation of the trend that we’ve seen.”

Brian went on to talk about the use of Bitcoin as a currency and the damping down of the volatility, personally predicting its price to reach USD 25,000 before the end of the year should the network see a boost in transaction volume.

 

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