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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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Pantera CEO: Investors Overreacting to SEC Delay on ETF

Crypto hedge fund Pantera Capital’s CEO Dan Morehead has said that investors have been pushed into a state of panic by the SEC’s delayed decision on Bitcoin exchange-traded funds (ETFs).

Morehead said on Wednesday’s CNBC “Fast Money” that ETF wasn’t imminent, a view shared a week prior on the same show by Brian Kelly, who saw next year as the most likely date for approval rather than September. He commented:

“The main thing to remember is that Bitcoin is a very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact… I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.”

The SEC has delayed another decision on approval of a Bitcoin ETF after several attempts by investors over the years to push one through. On the announcement of a delayed decision, Bitcoin lost further ground last week.

Morehead suggests that the new Bakkt project should be enough to hearten investors rather than to sell Bitcoin on the basis of a delayed decision. He explained:

“The ETF rejection is the same story we’ve had for five years. The SEC has been very cautious with an ETF… That’s huge news. That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that’s what people should be focused on.”

CNBC’s Fast Money regular Brian Kelly was the first to predict that an ETF was unlikely to happen this year, and is in total agreement with Morehead, arguing that a sell Bitcoin position is not the right one to be taking. He explained:

“It [Bitcoin] has had a tremendous run off of USD 5,800, and that was all really because people thought there was going to be a bitcoin ETF. The SEC came out and postponed that decision. A little spoiler alert, on September 30, SEC will likely postpone it again, because the market is not ready for it and the SEC hasn’t had the answers to their questions yet.”

 

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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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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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