Brian Kelly, a recognized Bitcoin investor and the founder of the crypto investment firm BKCM, mentioned during an appearance on CNBC’s Fast Money, that this is a good moment to purchase Bitcoin (BTC). During the last two months, Bitcoin grew around 100%, showing that the digital currency is gaining strength to enter a new bull run.
Bitcoin Is Growing and Expanding
As the most popular digital currency continues to grow, there are several experts that are wondering whether the price of Bitcoin is going to keep moving up in the next months. The founder and the CEO of BKCM, Brian Kelly, explained that Bitcoin’s recent surge is related to different things such as institutional interest and its halving in 2020.
During his appearance on CNBC’s Fast Money, Kelly explained that institutional investors are paying close attention to the market. He said that the new partnership between TD Ameritrade and ErisX is one of these important things that the market is experiencing.
Although it is not possible to know which is the exact amount of funds that investors are going to be investing in the space, institutions and larger companies are going to enter the market. At the moment, the infrastructure is expanding and new investors would find it easier to have exposure to Bitcoin and other cryptos.
The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is currently working on a new solution and platform called Bakkt. The goal is to offer traditional and larger investors the possibility to have access to the crypto market through a different set of tools.
Kelly has also mentioned that an even bigger factor for Bitcoin’s current rally is related to the market’s anticipation of the halving event that is going to take place as soon as in 2020. One year from now, Bitcoin is going to be halving and reducing the new issuance of Bitcoin from 12.5 BTC to 6.25 BTC per block. With a lower issuance and an increased demand, it is expected for the Bitcoin’s price to grow and expand.
He commented about this:
“So, you’ve got this combination of a lot of demand coming in, and we’re heading into a period where we’re going to have supply cut, and that’s generally very bullish for it.”
At the time of writing this article, Bitcoin is being traded around $7730 and it has a market capitalization of $136 billion, according to CoinMarketCap.
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