Bitcoin’s rally continues as the king of crypto has recently hit $8,000 for the first time since May. Crypto trader Brian Kelly was among those who got inspired by BTC’s most recent bullish uptick while predicting that the real Bitcoin’s comeback is upon us.
What keeps Bitcoin in positive territory?
Bitcoin, of course, has yet to reach its December’s peak of $20,000, but the current trend seems extremely promising. BKCM’s CEO Brian Kelly is absolutely certain that we are dealing with another Bitcoin’s bullish run and he gives clear arguments to back up his bold claim.
The chances of SEC’s decision on Bitcoin ETFs being announced this year, let alone this September, are pretty slim, but numerous speculations are definitely fueling Bitcoin’s price. So far, public comments that were submitted to the SEC were overwhelmingly positive.
Another important factor is that numerous institutions are finally starting to recognize the importance of Bitcoin, which is clearly here to stay, while many investors start regaining interest in BTC. As CryptoComes has recently reported, Coinbase’s new custodian service has been rather successful attracting more than $20 bln from hedge funds. On top of that, Bitcoin’s resurgence is also the result of BlackRock starting to explore Bitcoin and Goldman Sachs appointing a crypto-friendly CEO.
On the cusp of the Web 3.0 revolution
Kelly is also certain that the rise of cryptocurrencies (Bitcoin, in particular) is inextricably connected to the new generation Internet, dubbed Web 3.0, and its monetizing nature. The transactions on the Web 3.0 are largely conducted with the help of cryptocurrencies. Consequently, big fintech institutions are not able to ignore Bitcoin as a potential asset on their portfolio.
Why Bitcoin’s bull run happens now?
CNBC's Melissa Lee questioned Kelly’s reasoning saying that the same factors could attribute to Bitcoin’s rise five months ago or in December during the ‘big boom.’ Kelly suggests that the biggest distinction during these time frames is the absence of big sellers and a positive news cycle that is still going on for a week.
Earlier, Kelly explained that people weren’t eagerly investing in Bitcoin during its bearish days when BTC’s value sunk to $5,800. When BTC price rises, similarly to gold, it becomes a more valuable asset for investors.