CNBC host of the Fast Money segment, Brian Kelley, who often advises on investment opportunities and is a big fan of Bitcoin has coined a new phrase about the currency. On Monday in CNBC, he told viewers that Bitcoin was going to do to the banks what Amazon had done to many retailers; cut out the middleman.
Two of the key factors that he believes will drive consumers to Bitcoin is that there is already a demand for the currency and there is a huge market for the currency. These two factors make the buying of Bitcoins a good investment but more than that he believes that Bitcoins business model where they go directly to the consumer will tip the balance and in the presenter’s own words, “Amazon comes in, they go directly to the consumer… ‘DTC. Well, this is ‘BTC’ – the Bitcoining of the banks.”
Bitcoin has reached its ninth anniversary, and its value continues to rise validating Kelly’s unstinting support of the currency. During the repercussions emanating from China’s trading and the ban issued by the ICO, prices of the currency dropped to $3,600 which is a long way from its current all-time high of $6,300. Consumers would have benefitted greatly if they had heeded his advice, given consistently over the past few months when Kelly reiterated that Bitcoin was a good investment and one that he was personally making.