Fast Money has become one of CNBC’s most talked about shows. Making stars out its panel, the likes of Brian Kelly (BKCM Founder) have now become important financial voices – especially when it comes to the growth of cryptocurrency market. Standing by his prior statements, Kelly remains fully aboard the Bitcoin bandwagon, with his recent comments comparing Bitcoin to the “Internet in the 1980s.”
Sharing a similar rise
Speaking on CNBC’s Trading Block, Kelly originally said that Bitcoin was comparable to the Internet in 1995. However, he’s now pushed the timeline back further, as he believes that it’s still early days for Bitcoin, “I think this technology is going to work, it’s going to be game-changing, but it’s very early days, so we can have this massive volatility.” Kelly’s comparison isn’t without examples either, as he likens Bitcoin’s rise to that of early Internet companies Microsoft and Cisco. Specifically, it’s his belief that Bitcoin shares particular similarities to the uptake of Cisco’s Internet and router protocols. That being said, Kelly did make it clear that it would be wrong to label Bitcoin as a stock or company, “This is an open source software, you can’t think of it as a company, and that’s where people make their mistake. This is not a stock, this is not a company.”
Feeling the gains
Since the turn of the year, Bitcoin has been in a slump triggered by price corrections and a vast taxpayer sell-off. But, the tide now appears to be turning, as Bitcoin has recently experienced some impressive gains. Agreeing with Fundstrat’s Tom Lee, Kelly believes that Bitcoin can kick into high gear should it hold steady over the next week, “we’ll presumably [know more] after April 17, if we can hold these gains.”
Debunking Barclay’s ridiculous claims
During his time on CNBC’s Trading Block, Kelly also took aim at Barclays. A recent report from the leading bank labeled cryptocurrency as a “virus”, stating that the “infectious disease” would “never hit another high again.” Rubbishing these claims, Kelly said that the banking institutions of the world are still massively underestimating Bitcoin. He also claimed that these negative statements are actually driving traders towards Bitcoin, as the moment such reports are published is when he – along with other investors – wants to buy an asset, crypto or otherwise.
Bitcoin bounces back
Bitcoin has had to weather the storm in early 2018, but it appears that the world’s leading cryptocurrency is now returning to form. Kelly’s recent words will certainly make for positive reading for many, as it appears that the expert’s predictions were on the money – Bitcoin is on the comeback trail.