Bitcoin celebrated its 9th birthday on November 1 while the price recorded new all-time highs, breaking the $6,600 mark and then the $7,000 mark. CNBC Fast Money’s commentator Brian Kelly thinks this is the right time to buy BTC and gives three reasons why.
Brian Kelly is an investor and financial expert, not unknown to bitcoin supporters. He is an active supporter and early adopter of Bitcoin. He is the author of the book "The Bitcoin Big Bang - How Alternative Currencies are About to Change the World."
According to Kelly's latest comment on CNBC Fast Money, now is the best time to buy in the Bitcoin hype. Kelly gives the following three reasons you should not fear of a "bitcoin bubble":
- Bitcoin will “Amazon” the markets: Kelly believes that Bitcoin will be for banks what Amazon was for the retail world. Just as Amazon revolutionized the supply chain, the Bitcoin will change forever the way we transact between ourselves by bypassing intermediaries or third parties.
- Bitcoin is a massive addressable market: The investor predicts Bitcoin market has yet room to grow even at a 10-fold increase. If he is right, the cryptocurrency’s future market cap might reach 1 trillion dollars from $100 billion now. This market cap suggests a BTC price of 60,000 dollars!
- Bitcoin has demonstrated demand: Brian Kelly underlines the constant increase in the number of new Bitcoin wallets. He offers charts showing bitcoin address creation is exponential. For instance, Coinbase reported recently one million new wallets opening on its service every month, while Bitpay is reaching 1 billion dollars worth of transactions. This might justify Kelly’s claim that the demand for bitcoin is sustainable.
See the video:
Why buy #bitcoin? @BKBrianKelly has three reasons to get in pic.twitter.com/0acYhvDfe2
— CNBC's Fast Money (@CNBCFastMoney) October 30, 2017
Furthermore, CME Group’s recent announcement of Bitcoin derivatives coming by the end of 2017 and the price breaking one record-high after another in the last days show that Bitcoin adoption does not lose steam. And yes, Amazon itsef might even begin accepting bitcoin in the near future.
Might Kelly be right and Bitcoin is approaching its Big Bang moment? Or this tremendous demand we witness is speculative by all those expecting mass adoption soon? Only the future will tell. Cryptopians, fasten your seat belts and enjoy the ride.