The leading cryptocurrency, Bitcoin, is advancing slowly and surely for now. However, it is a long way from its all-time high. However, according to famous crypto investor Brian Kelly, it is possible that this situation may change. Kelly talks about BTC taking market share from gold. He says that if this happens, the market value of the leading crypto could increase 10 times.
What will cause the Bitcoin price to explode?
As you follow from Kriptokoin.com, there is now strong institutional acceptance for Bitcoin. Brian Kelly, founder and CEO of crypto asset investment firm BKCM, gave an interview to CNBC’s Fast Money program. Kelly says he’s bullish on Bitcoin. He cites several reasons for this, including the possible approval of a spot Bitcoin ETF. In this context, Kelly makes the following statement:
We will experience another halving in April. I’m not one of those who think halving is the real catalyst. But this is one of those emotional things that suddenly causes a decrease in supply. If we add to this the fact that the Federal Reserve has not increased interest rates for a while. Otherwise, we don’t think they will go up to 10%. Maybe they’ll go up to 5.5%.
Brian Kelly then moves on to spot Bitcoin ETF applications. Explaining his views on this subject, he said, “The second part of this is that we now have these ETF applications. So for the first time, you will have individual investors, just like with the gold ETF. Not that they couldn’t buy it before, but now registered investment advisors, your Morgan Stanley asset manager can allocate to it. So that’s what has the market excited about this new ETF.” says.
Brian Kelly: If BTC takes market share from gold, it will also 10X!
The famous investor predicts that investors will start treating Bitcoin as “digital gold” and take market share from the precious metal. Therefore, he predicts that this will also cause the price of Bitcoin to rise. Based on this, he comments as follows:
I think the easiest way to think about Bitcoin is as digital gold. If you have a portfolio and you want to allocate some of it to gold, and you’re worried about the dollar or your currency falling, let’s say, due to inflation, you want to have some sort of protection against that. So you can use gold or BTC. And I would argue that Bitcoin has a better use case than gold. Because I can’t use gold on the internet. I can use Bitcoin on the internet.
Brian Kelly says BTC has more uses than gold. In this context, “So simply look at Bitcoin’s current market cap of $700 billion. The value of all gold mined so far is around 7-8 trillion dollars. So Bitcoin can take some market share from gold, and I think it does. So multiple returns from there, why not 5x from here, why not 10x from there? These are crazy big numbers. “But if it starts to take market share, that’s what starts to increase its market value, just like any other business.” says.
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