The cryptocurrency bear market has caused major media to question whether digital assets are coming to an end. On June 22, CNBC’s Brian Kelly appeared on national television to remind viewers that Bitcoin isn’t dead yet.
Bitcoin Below $6K, Still Up 156% From June 2017
On June 23, the price of Bitcoin fell below $6,000 for the first time since November 2017. Amidst an enduring multi-month bear market, major media and retail investor sentiment have fallen to their lows – leaving many wondering when or if prices will ever bounce back.
In a lighthearted segment of CNBC’s Fast Money, hosts Melissa Lee and Dylan Ratigan “tried to have a funeral for Bitcoin as it fell below $6K,” but were interrupted by CEO of BKCM Brian Kelly, who expressed a contrary tone of optimism for the future of the world’s leading cryptocurrency.
— CNBC's Fast Money (@CNBCFastMoney) June 22, 2018
Conveying three points to support his stance, Kelly made clear that overall market sentiment is “approaching lows,” indicating a potential bottom and imminent trend reversal for Bitcoin’s prices.
Kelly addressed the recently issued business improvement orders to six Japanese crypto exchanges, stating that the increased regulatory scrutiny is actually beneficial for the market in the long-term, as systems will become more “robust.”
Finally, Kelly cleared misconceptions about the Mt.Gox civil rehabilitation proceedings – explaining to investors that the reimbursed $1 billion in Bitcoin will not be returned to creditors until Q1 2019, hence diminishing the anticipated “waves of selling” that was thought to take place.
Most notably, Kelly brought perspective back to the cryptocurrency scene by reminding viewers and investors that the price of Bitcoin, although down from its December 2017 peak, is still up over 150% from a year ago.
The downtrend in prices seems to be working inversely with developing cryptocurrency regulation and growing institutional investor interest.
Cover Photo by Johnny Chen on Unsplash