Brian Kelly, the founder and CEO of BKCM LLC, believes that the days of relegating Bitcoin to the financial market's backdrop are over. Cryptocurrency number one has resurged and can not be ignored.
Participant at the Hoover Institute's annual monetary policy conference, Kelly said Bitcoin is a "serious market". He said that in previous years, cryptocurrency discussions were rarely held at traditional financial conferences. However, crypto number one was a recurring topic on occasion.
According to Kelly, the virtual currency market is no longer a niche market populated by crypto-believers. The main financial market is starting to take note of Bitcoin, which means that, overall, the market has become hard to ignore. Kelly also said that with the total ceiling of $ 460 billion crypto market, increased attention was warranted
The BKCM CEO also analyzed Goldman Sachs' recent moves in the Bitcoin market as another proof of the prolific increase in crypto stature. The well-known Wall Street bank recently announced that it would soon start trading Bitcoin and Bitcoin futures. The proposed plan would make the bank the first Wall Street company to participate in cryptocurrency trading.
Legitimacy plays a vital role in establishing an asset class as a viable investment vehicle. Goldman Sachs CEO Rana Yared recently said "Bitcoin is not a fraud". These positive feelings from key industry players serve to strengthen the Bitcoin pedigree in the eyes of traditional investors. Reports have recently been published on a Chinese investor who bought 10,000 Bitcoins during the bear race in early 2018.
With organizations like the SEC shining the spotlight on crypto space, the consensus is that number one cryptocurrency is mostly free of any regulatory problem. Kelly said the regulatory clarity regarding Bitcoin is contributing to the price increase. There are reports that the SEC examines some Altcoins to determine whether they are safe or not. Regarding Bitcoin, Kelly thinks it's a currency, a point of view shared by many conference participants.
There is a palpable buzz around Bitcoin right now. Crypto is currently underway for a third consecutive weekly gain. With the New York Blockchain Week Summit starting in a few days, Kelly expects the price of Bitcoin to increase even more. Charlie Shrem, the founder of the Bitcoin Foundation, recently said May may be the last month that Bitcoin will trade at less than $ 10,000.