May 4, 2020 2:30 am & nbspUTC
May 4, 2020 at 2:30 am & nbspUTC
Brian Kelly, a benefactor from CNBC, says that the upcoming halving of Bitcoin is likely to trigger another big rally for the top digital currency.
In another scene of Fast Money, the CEO and founder of cryptocurrency investment firm BKCM says that Bitcoin's financial offering continues to be a clear contrast to the far-reaching effort to support the global economy through money pressure.
"What people should know is that Bitcoin is about to harden quantitatively as the whole world does quantitative easing." The software will therefore reduce the daily offer. This does not mean that the price of Bitcoin will be cut in half. It just means that the daily offer is cut in half. You may want to look at it like oil, in which suddenly (in) 11 days half of the oil platforms are switched off and therefore the supply is reduced. In the past, this was a catalyst for very large starts. "
"We have had a huge attempt. There is some wood to hack around $ 9,000. But I think in the medium to long term you now have an asset that is in an environment due to the stock-to-flow ratio that the whole world is printing money on will be scarcer than gold. "
Despite his long-term idealism, Kelly warns that a temporary sell-off could be likely if the real halving takes place on May 12th.
“It can be very good (a sale of the news event). We had a pretty good start. If you look at the last two (halves), it took about 30 to 60 days for this to really filter through the market. "
“Remember, that's how miners make their money with these bitcoin rewards. Some of the weaker miners may actually have to sell out. But in 30 to 60 days we could see a nice start again. "