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Brian Kelly offers to listen to the crowd and think contrariwise about Bitcoin investments

24 January 2018 21:00, UTC

Legend tells that either J.P. Morgan or Joseph Kennedy once made a well-timed market sell, with the shoeshine boy talking about stocks being their motivation. Brian Kelly offers to seriously consider the main conclusion coming from this story and ignore the opinion of the crowd. When everybody, even people who usually are not interested in cryptocurrency, cried about Bitcoin possibly coming to $25,000 and the new economic paradigm, it was a good day to sell, and when everybody talks about the market collapse and the end of Bitcoin for the 175th time - this is probably a good moment to buy Bitcoin, tells the founder of BK Capital Management.

And yes, quite in accordance with this story, one can remember the actual turn of events in 2017 when Bitcoin has fallen from $4140 to $3682 (this was considered a drastic downfall at the time when Bitcoin was less volatile): at the former value Bitcoin was mentioned by a Russian singer who certainly did not have any relations with that market before, and after some time, Bitcoin has lost minus $500.

This investment advice shows that Brian Kelly clearly knows about the irrational market behavior. More on the matter of the market irrationality was recently told by Ben Carlson from Ritholtz Wealth Management, though he spoke on the growth of Litecoin.