The current bear market is not a funeral for Bitcoin (BTC[1]) “whatsoever,” CEO of BKCM LLC investment firm Brian Kelly said on CNBC's Fast Money[2] segment June 22.
We tried to have a funeral for #Bitcoin as it fell below $6K, but @BKBrianKelly is still a believer. Here's why he thinks the cryptocurrency will resurrect pic.twitter.com/B8ozbzPsfJ[3][4][5]
— CNBC's Fast Money (@CNBCFastMoney)
To back up his statement, Kelly provided three key factors. First, he pointed out that the market sentiment is “approaching lows,” implying that a trend reversal is likely to follow.
Bitcoin, trading at $5,881[7] as of press time, has been in an almost continuous decline since hitting[8] its all-time-high of $20,000 in December 2017.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index[9]
Despite that, Kelly called attention to the fact that Bitcoin is still trading at the same level as back in November 2017, whereas a year ago its value was 60 percent lower - around $2,500.
Next, Kelly mentioned the recent news[10] that Japan’s Financial Services Agency has sent out business improvement orders to 6 domestic exchanges. He pointed out that while in the short run it’s going to be “a little tough,” in the long run it will help make the exchanges more “robust.”
Third, Kelly brought up the announcement by Mt. Gox[11] to reimburse its customers and begin civil rehabilitation proceedings, following the $473 million hack[12] in late 2013 and the resulting bankruptcy. Mt. Gox was considered to be the largest hack in the history of crypto, until this year’s $534 million Coincheck hack[13].
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