CNBC’s Brian Kelly compares Bitcoin to the ‘Internet in the 1980s’
BKCM CEO, Brian Kelly believes Bitcoin is still in its early days
Founder and CEO of BKCM LLC, Brian Kelly believes Bitcoin is still in its early days. On 13th April 2018, during an interview in the CNBC’s Trading Block he made the comparison of Bitcoin to the ‘Internet in the 1980s’;
This is like the Internet in the 1980s. I used to think is the Internet in 1995 but after the last couple months talking to folks I think were more like the 1980s.
He sees Bitcoin as the early day internet, but now pre-dates from 1995 to 1980’s after the recent discussions and questions raised by the general public on cryptocurrencies;
I think this technology is going to work, it’s going to be game changing, but it’s very early days, so we can have this massive volatility.
As of 16th April 2018, according to Bitfinex.com, the current value of Bitcoin is 8,081 USD.
Brian Kelly defines Cryptocurrency market
According to Kelly, people should stop incorrectly defining cryptocurrency a company or stock. He says this gives a wrong impression on the cryptocurrency market. Kelly sees the protentional of Bitcoin and other digital currencies to become the next Microsoft, or Cisco routers and protocols;
This is an open source software, you can’t think of it as a company, and that’s where people make their mistake … This is not a stock, this is not a company.
Tom Lee of Fundstrat point out the value of Bitcoin deteriorating since the beginning of 2018 could be due to the taxpayer sell off prior to 17th of April. During the interview Kelly stated, “we will know presumably after April 17 if we can hold these gains,” to see if Lee’s analysis is correct or not.
Brian Kelly brought up a statement by Barclays’ research analysts on defining digital currencies as a “virus” which would not reach another high market value again. He says such statements make him more motivated and makes him “want to buy any asset, whether it’s Bitcoin or not.”
Earlier on Friday, Kelly mentioned during another interview on his support for venture capital investor Tim Draper’s prediction that Bitcoin could reach 250,000 USD by 2022.