The founder and CEO of digital currency investment firm BKCM LLC, Brian Kelly, said that the digital dollar, euro, and yuan would serve as a push for Bitcoin. On a phone call with CNBC’s Fast Money, the CEO said:
“In terms of the digital euro or digital yuan or digital dollar, it’s not actually competition for Bitcoin, because Bitcoin core’s value proposition is that it has a fixed supply… I actually think those are more of a risk for fiat currency holders and it highlights why Bitcoin is a digital gold-like product.”
Kelly also commented on the ongoing Bitcoin rally. He did not specify a price target for BTC but believes that the king coin post-halving rally is not over yet.
Speaking further, the CEO noted that BTC had been up over $16,000 for 12 days. He said that he expects a pullback and will not be surprised when it happens. Bitcoin has been increasing significantly over the past months, and several analysts have predicted a continuous rise.
Furthermore, Kelly stated the difference between the value of Bitcoin and Gold. With nearly $309 billion in market value, Kelly said Bitcoin’s current market cap is a “wrong number” to disrupt Gold, which has a total value of $10 trillion.
BTC is up 4.54% in the last 24 hours and currently trading at $16,664.66.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
