Yesterday Brian Kelly of CNBC’s Fast Money told Melissa Lee about the incredible increase in the price of Bitcoin (BTC) and what we should expect in the coming months. Despite having issued an optimistic opinion, crypto Twitter did not take it as you would think.
If CNBC says ‘A’, you pick ‘B’
During the interview, Kelly pointed out something that we have discussed on several occasions in CryptoTrend: the increase in institutional and high-profile investors who are betting on BTC could mean an optimistic future for crypto.
Obviously, the most common question in this type of interview is: “What is your prediction for the price of Bitcoin?” Question that, in fact, is quite complicated and the answers rarely hit it.
However, Kelly opted for an optimistic response: “There are many possibilities for improvement. Most of the gains that are made are the year after the halving, and we are seven months in that year after said event, and Bitcoin is doing what it should do».
In this regard, Kelly concluded his prediction by pointing out that, over the next five months, we could see good gains for BTC. That seems to be an optimistic opinion, doesn’t it? Yes, but the crypto community didn’t take it as you would expect.
The interview became an opportunity for crypto Twitter to joke around. You might be wondering: What can be so funny? Well, since 2017 the phrase of: “You should always do the opposite of what CNBC suggests.”
Therefore, being considered an interview that encourages the purchase of Bitcoin, crypto Twitter was quick to say that, if CNBC suggests it, it is best to sell.
For its part we have Crypto Emporium, who pointed This is the death sentence of Bitcoin. It was fun while it lasted, USD 3K here we go. Even Josh Rager on Twitter implored CNBC to delete that tweet. Will CNBC delete the Tweet to please the crypto Bitcoin community?
Crypto report from Galaxy Digital is proof of euphoria
Galaxy Digital reported today that its Bitcoin funds have generated a 17.3% return for investors over the course of the third quarter of 2020.
Specifically, the company published its “Financial Results for the third quarter of 2020”. Recall that Galaxy Digital offers institutional investors indirect exposure to Bitcoin.
“We have seen a notable increase in institutional interest in the crypto asset space this year… Looking ahead to 2021, we expect the adoption of digital assets, such as Bitcoin and Ethereum, will continue as more traditional investors embrace the asset class as a diversifying alternative … », said Mike Novogratz, CEO of Galaxy Digital, according to CoinTelegraph.
Bitcoin’s crypto market capitalization surpasses $ 300 million
Since December 2017, it is the first time that the leading crypto has managed to exceed $ 300 billion in market capitalization.
In fact, when BTC hit its all-time high, its market cap was $ 333 billion. According to CoinMarketCap, at the time of writing it is $ 301.1 billion. Are we going to break all-time highs?
Banks must adapt to crypto
Finally the world begins to accept that crypto is here to stay! This time it was Jon Cunliffe, deputy governor of the Bank of England, who recognized that Banks have no other option but to adapt to the changes brought about by crypto assets.
According to a Reuters report, Cunliffe assured that banks should not expect protection from the Bank of England. Banks will have to adapt. Our job is to make sure that if banking business models change, we manage the financial and macroeconomic consequences of that. “ assured.
Accordingly, Cunliffe stressed that it is not the Bank of England’s job to ensure that conventional banking business models are relevant as crypto does its thing.
In a few lines …
- Mohit Sorout, Founding Partner of Bitazu Capital, pointed that open interest in Bitcoin futures is at an all-time high and that could be a bullish sign.
- David Schwartz, CTO of Ripple, lost $ 300k in crypto altcoins.
- Crypto exchange Binance launches Ethereum Mining Pool with lower fees than the competition.