Put down the obituary, as once again Bitcoin has been written off prematurely. While there are many negatives surrounding Bitcoin in the wake of its fall, that’s not the whole story. There is actually plenty to cheer about, as Bitcoin’s underlying and related technology continues to make huge progress. Backing up this sentiment is Brian Kelly (BKCM Investment CEO), who recently stated that the current bear market is by no means a funeral for Bitcoin.
The Road to Recovery
Making a clear statement, the CNBC Fast Money Twitter account said, “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.” In order to back up his way of thinking, Kelly has outlined three factors that point to Bitcoin’s future recovery. Firstly, he believes that because the market sentiment is “approaching lows” a trend reversal is now likely. At time of writing Bitcoin is trading at $6193.77, with it being on a continuous slide since its groundbreaking high of $20,000 during December last year. He was also quick to remind investors that Bitcoin is trading at the same level as in November 2017, while its value is still 60% higher than this time last year.
Making a Splash in Japan
Next, Kelly refers to the groundbreaking progress that Bitcoin is making in Japan. Not only has Bitcoin adoption been vast, but it’s setting an example to the rest of the world as far as exchange regulation is concerned. Recently, the Japanese FSA issued business improvement orders to six exchanges, as they continue to get tough with those that fight against the rules. Kelly feels that Japan’s approach is going to make crypto trading more robust over the long-term. Finally, Kelly also discussed how Mt. Gox is moving forward with its civil rehabilitation proceedings. The famous exchange suffered a $473 million hack in 2013, triggering bankruptcy and creating a cloud that would hang over the crypto sphere for years. The move to reimburse customers has to be considered a massive step in the healing process.
Bitcoin is Alive and Kicking!
According to the 99Bitcoins “Obituary List,” since its inception Bitcoin has been declared “dead” more than 300 times. 69 of these deaths have supposedly occurred in 2018. These hilarious figures really do show just how far off the pace some so-called analysts and media outlets are when it comes to Bitcoin’s all-around performance.
Bitcoin might be on its knees right now, but it certainly isn’t at death’s door. CNBC’s Fast Money has become the home of pivotal crypto chat, so the words of Brian Kelly certainly shouldn’t be ignored.