With Bitcoin currently trading above USD 8,280 at time of writing and predictions of a hike to USD 10,000 by the end of August, CNBC’s Brian Kelly has chipped in with his own view on why this market will stay bullish.
With the total crypto market capitalization surpassing USD 300 billion, Kelly says all the signs are looking particularly good for the hallmark digital currency, advising that this could be the long-awaited run.
He cites the EFT drive currently bubbling at the SEC as a pivotal factor. Bitcoin ETFs will give individual investors an opportunity to invest over the long-term in Bitcoin, without the need to buy it directly. It also eliminates the hassles of managing digital wallets. Short-term traders can bet their money on short-term price moves of Bitcoin ETF units and attempt to benefit from trading profits, as Investopedia explains.
They were rejected by the SEC in March of last year after a Tyler and Cameron Winklevoss application failed, dating back to 2013, but investors are regrouping for another charge on the committee which has promised a decision on them by the middle of August. Kelly says that he’s not actually optimistic on them being approved this year, but the speculation surrounding them will maintain investor interest in Bitcoin regardless of the outcome.
Another bull factor according to Kelly is the current wave of institutional interest in Bitcoin which has certainly done the digital currency no harm at all. Announcements by big players such as Goldman Sachs will continue to give investors much hope for an institution-wide adoption of cryptocurrency, which will be a massive boost for the industry.
Perhaps a lesser-known factor which Kelly sees as impacting the current status quo regarding Bitcoins’ run is Web 3.0. This is described as an improved Internet with data that can be monetized, enabling a safe transition of funds across the Web. Institutional interest in Web 3.0, says Kelly, shows that players are getting very serious about Bitcoin as something that is here to stay. He commented:
“Institutions are starting to get serious. I can tell you from the calls I am getting. People who looked at [BTC] in December did not like the price. They are coming back now and saying, “Alright this thing is not going away. We need to understand what it is”.”
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