Today, Brian Kelly, the founder, and CEO of the BKCM LLC, a company that centers in offering cryptocurrency related investment options, stated that this is the first time that bitcoin has been taken seriously by the federal reserve. He declared this in an interview broadcasted by CNBC, where he told his experience attending the latest Monetary Policy Conference in Standford University regarding the subject of bitcoin and cryptocurrencies alike.
The Monetary Policy conference is a forum where notable people from the federal reserve explain their views about financial and economic policy issues. Brian stated that each time he had gone to these kinds of meetings in earlier years when the word bitcoin was mentioned, it would be automatically dismissed. But this year, it was different. He declared, referring to bitcoin that:
“IT’S BEEN BROUGHT UP SEVERAL TIMES AT THIS CONFERENCE AND TAKEN QUITE SERIOUSLY. AND I THINK YOU HAVE TO WITH A MARKET CAP AT HALF A TRILLION DOLLARS”
He also referred to the recent positive run of bitcoin (and all the cryptocurrency market) and detailed two main points that could be causing this rise. First, the traditional financial institutions preparing to trade bitcoin and cryptocurrency related contracts. This means that people are really excited about cryptocurrencies now and that there is a real demand for these structures that investment firms as Goldman Sachs can’t ignore.
Second, the fact that bitcoin is being treated now as a currency and, almost surely, won’t be considered as a security by regulatory institutions. This gives investors a clear answer to the issue of a sudden change in regulation and how could this can affect bitcoin. There are rumors of cryptocurrencies like Ethereum and Ripple possibly being considered like securities, but most surely, bitcoin won’t be.
He also added that next week starts the Blockchain Conference in New York, one of the most important and biggest forums where all bitcoin issues will be discussed.