The founder and CEO of digital currency investment firm BKCM LLC, Brian Kelly, said that the digital dollar, euro, and yuan would serve as a push for Bitcoin. On a phone call with CNBC’s Fast Money, the CEO said:
“In terms of the digital euro or digital yuan or digital dollar, it’s not actually competition for Bitcoin, because Bitcoin core’s value proposition is that it has a fixed supply… I actually think those are more of a risk for fiat currency holders and it highlights why Bitcoin is a digital gold-like product.”
Kelly also commented on the ongoing Bitcoin rally. He did not specify a price target for BTC but believes that the king coin post-halving rally is not over yet.
Speaking further, the CEO noted that BTC had been up over $16,000 for 12 days. He said that he expects a pullback and will not be surprised when it happens. Bitcoin has been increasing significantly over the past months, and several analysts have predicted a continuous rise.
Furthermore, Kelly stated the difference between the value of Bitcoin and Gold. With nearly $309 billion in market value, Kelly said Bitcoin’s current market cap is a “wrong number” to disrupt Gold, which has a total value of $10 trillion.
BTC is up 4.54% in the last 24 hours and currently trading at $16,664.66.
Image Credits: Pixabay