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.”
— 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.