dailyhodl.com
24 April 2024 20:20, UTC
Crypto investor Brian Kelly thinks Bitcoin ($BTC) has hit a bullish intersection of rising demand and reduced supply.
In a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says seeing bigger brokerage firms jumping into Bitcoin will have a bigger impact than the recent $BTC halving.
“So Morgan Stanley, UBS – once they are online, and they can have their customers start to come into Bitcoin, that’s a lot of pent-up demand.”
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Kelly says that the recently approved spot Bitcoin exchange-traded funds (ETFs) will also drive demand in the post-halving environment.
“If you think about it, you now have an asset with the most demand it’s ever going to have, right? You’ve got all these people just able to come on, and supply has been cut, coins on exchanges are down, so you’re having a whole bunch of pent-up and potential demand hitting lower supply – to me, that’s the bullish set-up for Bitcoin.”
The crypto investor also predicts that $BTC could eventually be a safe-haven asset like gold, though he doesn’t think that will happen for 10-20 years.
Bitcoin is trading at $66,474 at time of writing. The top-ranked crypto asset by market cap is up more than 4% in the past week.
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