The current fall in the price of the cryptocurrency the number one in any way cannot be called the death of bitcoin (BTC). This statement was made by Brian Kelly, CEO of the investment company BKCM LLC, in an interview for CNBC Fast Money.
According to Kelly, there are three key factors that refute the idea of another “death” of bitcoin.
First, the price of bitcoin approached its lows this year, and this means that soon we can expect the market to reverse.
Read more the Collapse of the cryptocurrency markets continues
Bitcoin peaked in December 2017 in the area of US $ 20,000 and since then the price of the cryptocurrency the number one continuously decreased. The recent low was recorded at 5.881 the US dollar.
Kelly also drew attention to the fact that bitcoin is now trading at about the same level as in November 2017, while a year ago the cost was 60 percent lower – about $ 2,500.
Then Kelly pointed to the recent news that Japanese financial services Agency ordered immediately to improve business processes for top 6 Japanese exchanges. He noted that, although in the short term is “a little hard” in the end it will make exchange more reliable.
Read more – Japanese regulator sent a warning to the six largest cryptocurrency exchanges of the country
Thirdly, Kelly believes that the beginning of repayment to the creditors of Mt. Gox is a very positive development for bitcoin and the entire cryptocurrency market as, managing the bankruptcy of Mt. Gox will no longer sell bitcoins. Recall that many analysts believe that all selesnya depreciation was due to sales of large amounts of bitcoin managing bankruptcy proceedings of Mt. Gox, Nobuaki Kobayashi.
Read More – Mt. Gox will no longer sell bitcoins
According to bitcoin 99Bitcoins “buried” more than 300 times, and just this year, the cryptocurrency’s number one “died” 69 times.
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— CNBC”s Fast Money (@CNBCFastMoney) June 22, 2018