Brian Kelly, the founder and CEO of BKCM LLC, believes Bitcoin’s days in the background of financial markets are over. The number one cryptocurrency has been resurrected and can no longer be ignored.
Bitcoin is “A Serious Market”
Speaking at the Annual Hoover Institute Monetary Policy Conference, Kelly said Bitcoin is a “serious market”. In previous years, he added that cryptocurrency debates rarely occurred at major financial conferences. However, the number one cryptocurrency has been a recurring issue over the course of the year.
Kelly argues the cryptocurrency market is no longer a niche market filled with core crypto followers. Bitcoin is beginning to be paid attention by the main capital market, which in general makes it difficult to ignore it altogether. Kelly also said the market justified the increasing interest in itself by increasing its market cap to a total of $460 billion.
Goldman Sachs Upgrades Bitcoin’s Profile
The CEO of BKCM described Goldman Sachs’ latest activity on the Bitcoin market as another proof of the important increase in efficiency that cryptocurrency carries. The famous Wall Street bank recently announced that it will soon begin trading Bitcoin and Bitcoin Futures. The proposed plan will make the bank the first Wall Street firm to participate in the cryptographic currency trading.
Goldman Sachs executive Rana Yared recently stated that “Bitcoin is not a fraud.” These positive approaches, rising from industry’s leading actors, help Bitcoin-based assets gain value in the eyes of mainstream investors. For example, reports indicate that a Chinese investor bought 10,000 Bitcoins during the bear market early in 2018. Legitimacy plays a vital role in regulating an asset class as a viable investment instrument.
In an environment where institutions such as the SEC are turning spot lights into a cryptocurrency platform, there is a consensus that the number one cryptocurrency is least likely to be affected by any regulatory troubles. Kelly said that the transparency of regulatory legislation on the subject of Bitcoin contributed to the increase in the exchange rate. There are reports that the SEC has examined some altcoins to determine whether they are securities. As for Bitcoin, Kelly is faithful that it is a currency just like the majority of the participants at the conference.
There’s a tangible buzz around Bitcoin right now. The cryptocurrency is about to close for the third week in a row with an increase. Kelly expects the price of Bitcoin to increase further with the New York Blockchain Week Summit, which will begin in just a few days. The founder of the Bitcoin Foundation, Charlie Shrem, has said that these would be the last days bitcoin can be traded below $10,000.