Despite the prolonged bearish trend, “there is no reason to” bury bitcoin. This was stated by the CEO of the investment company BCM LLC Brian Kelly (Brian Kelly) the program Fast Money, aired on the CNBC channel.
In support of his words, Kelly led three key arguments. First, he noted that now market sentiment is “approaching minimums”, which will probably be followed by a trend reversal.
Recall that the price of bitcoin continues to fall for six months. December 2017 (when BTC has reached a historic high of $20 000), it dropped more than twice and yesterday fell to $5881. At the time of publication the price has risen to $6157.
However, Kelly does not believe these points are critical, stressing that the price of the leading cryptocurrency is currently held by November 2017. If you compare the current price with the previous June (about $2500), we see that the value of BTC increased by 60%.
As the second argument Kelly referred to the news about new rules to improve security measures, Japanese financial services Agency (FSA) made up of local kryptomere. And although, according to him, the exchanges will be “too heavy” to carry out a reorganization of its activities, but in the long run, this measure should help them become more “effective”.
Another news, which according to Kelly is an optimistic signal, it is the decision of the Tokyo district court to replace the procedure of liquidation of the assets of Mt. Gox’s civil rehabilitation. And payments to affected traders will be delayed until the first quarter of 2019, and this means that the mass selling of cryptocurrencies, which many waited for will not happen.
Curiously, according to the list of obituaries of 99Bitcoins website, bitcoin is “dying” already 319 times, with 73 of these “deaths” happened in this year.
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