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Brian Kelly, the founder and CEO of BKCM LLC, considers that the current year is going to be a turning point for Bitcoin (BTC), the largest and most popular digital asset in the world. At CNBC’s Squawk Box, he said that for the first time since 2013, Bitcoin is being traded like a macro asset.
Brian Kelly Considers Bitcoin Is Being Traded Like A Macro Asset
According to Mr. Kelly, since he started working on the crypto space and in topics related to Bitcoin, he has always explained that Bitcoin was not being traded like a macro kind of asset. However, he considers that this changed this year with the different financial events that are currently taking place.
On the matter, Kelly commented:
“For the first time – I’ve been on this network since 2013 talking about Bitcoin, and every time somebody has asked me whether or not Bitcoin is being traded like a macro kind of asset, I’ve said no. Until this year.”
Why is Bitcoin suddenly tracking gold? @BKBrianKelly breaks it down: #btc pic.twitter.com/UkAqEX8Zi4
— Squawk Box (@SquawkCNBC) August 8, 2019
He went on saying that this year there are macro funds and traditional investors trading Bitcoin as an alternative or a supplement to gold. They are also using this virtual currency as a kind of macro hedge.
Although Kelly does not consider Bitcoin a safe haven, he accepts that there are many investors around the world investing in it as a safe haven during periods of uncertainty.
During the last few days, the China-U.S. trade war escalated to a currency war. The Chinese government allowed its currency to fall against the U.S. dollar to the lowest point in over a decade. Moreover, the U.S. FED decided to lower its interest rates for the first time since the world financial crisis in 2008.
The Eurozone is also showing a slowing economy, very low inflation rates, and the manufacturing sector is falling to the lowest level in seven years according to Markit’s manufacturing PMI. Gold has also surpassed $1,500 for the first time since early 2013.
Furthermore, Bitcoin has experienced an increased correlation with gold over the last months as world financial tensions increased.
Currently, Bitcoin is being traded around $11,722 and it has a market capitalization of over $209 billion, according to data provided by CoinMarketCap. In the last 24 hours, Bitcoin fell 1.1% while other digital assets experienced larger price contractions.
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