Bitcoin Is Not Dead Yet, Says Cryptocurrency Analyst Brian Kelly

Brian Kelly, the CNBC anchor and portfolio manager of BKMC, a cryptocurrency focused investment firm, talked yesterday that while some are quick to dismiss bitcoin in its actual state, he thinks that it could recover swiftly and has enough steam to at least keep being the alternative payment option that and side investment that it has been till now. He referred to this in a mock segment on CNBC’s program Fast Money, where they were declaring the death of bitcoin.
Surely, bitcoin and the whole cryptocurrency market are in a sorry state, losing more than 70% of its value since it skyrocketed back then in December, causing a craze that took cryptocurrencies from being a nerd-oriented market to the mass phenomenon that we see today. But he is confident that this is more a normalization of the whole market and less than a sign of the dead of bitcoin as it is.
Brian thinks there is a conjunction of factors that could make that could make the market stabilize, but he also declares that bitcoin markets are volatile and while facing a downturn, the thing could still get pretty ugly. Amongst these factors is the recent development of the Japanese regulators that have called for stronger identification policies to avoid money laundering issues, even ordering some exchanges to suspend the opening of new accounts. This could be a good thing for the market because it will add robustness and more security as standard to be adopted by other countries.
Also, the news that Mt. Gox, the legendary exchange that suffered the biggest hack ever is now going to pay their creditors in 2021, could be good for the market, because the unloading of all the bitcoins to be released could cause a drop in the price; a thing that, according to some reports, has already happened in the past.
The fact is that today, Bitcoin is already an established market, albeit small; and it is unlikely to plummet without a clear cause, Brian concluded.

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