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CNBC's Brian Kelly: Bitcoin Cash is an Essential Asset

Bitcoin is a must-own cryptocurrency. This is the gist of what Brian Kelly said on CNBC this Monday. He revealed that Bitcoin cash miners conducted a meeting last Saturday, which was focused on developing a bitcoin cash fund.

These miners are going to be allocating some of the digital currencies they get and place it in the fund. The appropriation is geared towards building “stuff” on top of the Bitcoin cash.

Kelly went on to say that this is how blockchains acquire financial worth. “You’re going to be getting more use cases to the extent that usefulness translates into value,” he said. Kelly is the CEO and founder of the investment firm BKCM, which deals with digital currencies.

In the last three days, Bitcoin’s value increased by 500, reversing the decline it suffered last week which saw the cryptocurrency fall below $8,000. Despite the increase, Bitcoin has yet to recover its number in March where it was valued at more than $10,000.

But those operating within its space are optimistic that the 500 increase is but the start. Analysts are stating that this optimism stems from the successful annual Consensus event, which saw 8,500 people in attendance and garnering $17 million in ticket sales alone.

However, the price boost still hasn’t appeared. The yearly Consensus event usually elevates Bitcoin’s value after its conclusion. But Bitcoin finished the prior week $800 below the price it started at the start of it.

It’s important to note that Bitcoin wasn’t the only digital currency that suffered a fall. In fact, all major cryptocurrencies saw a varying decrease, with the overall market falling an average of 10 percent during the Consensus week.

Of course, one of the constants of Bitcoin is its volatility. Predictions can be made but the highs and lows still depend on a number of factors. On the long-term side of things, prominent investor Tim Draper predicted that Bitcoin will skyrocket to a value of $250,000 by 2022.

If it holds true, this price spike will see Bitcoin’s market capitalization soar to a whopping 5 trillion, a five-fold increase of the digital currency. As it stands, however, the cryptocurrency still needs to regain its $10,000 number before proceeding to such heights.

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2019-05-27 02:34:53
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-3.7 Percent

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-1541 %

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-1541 %

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January 31 00:00 UTC 692871692871m

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