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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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