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CNBC’s Crypto Expert Brian Kelly Says Risk Hedging through Bitcoin is Pure Speculation So Far

  • Yuri Molchan
    📰 News

    CNBC Fast Money’s crypto expert Brian Kelly says that the growth of Bitcoin addresses has stopped and real money need to come to the market to push BTC higher

CNBC’s Crypto Expert Brian Kelly Says Risk Hedging through Bitcoin is Pure Speculation So Far
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Contents

In a recent interview, the founder and CEO of BKCM LLC VC company Brian Kelly (who is also a crypto trader for CNBC) expressed his concerns regarding the short-term prospects of Bitcoin.

He stated that the growth of new Bitcoin addresses has stopped.

Investors are starting to use BTC as a currency hedge

Kelly explained his concerns, saying that new BTC wallets ensure a cash flow into the market, so it is necessary, he says, to have the number of Bitcoin addresses increasing.

He also stated that investors are indeed using Bitcoin to hedge their risks against the fall of fiat currencies, are starting to do that. However, this is more of speculation so far. The market needs actual buyers.

That’s pure speculation. We need to see some buyers coming. Some real buyers.

Institutional investors are stepping in

Still, the head of BKCM is positive about the future of Bitcoin. However, he recommends doing careful BTC trades on short-term periods.

Kelly pointed out that institutional investors are gradually embracing the new asset class, while the quotes of many altcoins are going down. All of this is influencing the BTC price positively.

Recently, many experts started considering Bitcoin to be a currency hedge that investors are using to protect their assets from risks. Among them is the co-founder of Morgan Creek Digital Anthony Pompliano.

In one of his recent interviews with Kevin O’Leary, he stated that investors around the world are starting to go for Bitcoin in times when traditional financial markets go unstable.

One of the most recent cases, when Bitcoin was claimed to be used as a hedge, was the start of the trade war between the US and China.

Crypto community’s mistrust to Kelly

In the comment thread, mistrust to Kelly’s judgments about Bitcoin are clearly seen, though Many crypto investors consider him far from being a real Bitcoin expert.

Image by Twitter
Image by Twitter

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Current Bitcoin market stance

At press time, Bitcoin price is holding at $11.280, showing a slight decrease of under 1 percent.

Image by CoinMarketCap
Image by CoinMarketCap
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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