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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"davidlanz",<br>"permlink":"brian-kelly-three-reasons-why-bitcoin-will-continue-to-surge-in-short-term",<br>"title":"Brian Kelly: Three Reasons Why Bitcoin Will Continue to Surge in Short-Term",<br>"body":"<p><img src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/04\/Bitcoin-piano-760x400.jpg\"><\/p><div class=\"entry-content\">\n<div class=\"post-thumbnail\">\n<a href=\"https:\/\/www.ccn.com\/brian-kelly-three-reasons-why-bitcoin-will-continue-to-surge-in-short-term\/\" title=\"Brian Kelly: Three Reasons Why Bitcoin Will Continue to Surge in Short-Term\">\n<img alt=\"\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" height=\"400\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/04\/Bitcoin-piano-760x400.jpg\" width=\"760\"\/> <\/a>\n<\/div>\n<div class=\"content-ads\">\n<div class=\"widget text-12 widget_text\"><h6 class=\"widget-title font-weight-bold\">Advertisement<\/h6> <div class=\"textwidget\"><p><\/p>\n<div id=\"div-gpt-ad-1524167859587-0\" style=\"height: 90px; width: 728px;\">\n\n<\/div>\n<\/div>\n<\/div> <\/div>\n<em><a href=\"https:\/\/hacked.com\/continue-reading\">Join our community of 10 000 traders on Hacked.com for just $39 per month.<\/a><\/em><br\/>\n<p><span style=\"font-weight: 400;\">Brian Kelly,<br> a long-time contributor to CNBC\u2019s Fast Money and the founder of BKCM,<br> has laid out three major factors that could fuel the next big rally of bitcoin,<br> now that the bitcoin price has officially crossed the $10,<br>000 mark.<\/span><\/p>\n<h2><b>Three Factors<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to Kelly,<br> three major factors that will inevitably lead the bitcoin price to the next support levels at $12,<br>000 and $14,<br>00 are the entrance of banks such as Goldman Sachs,<br> clarity from regulators on bitcoin\u2019s legality,<br> and the initiation of the blockchain week in New York on May 14.<\/span><\/p>\n<p><a href=\"https:\/\/www.ccn.com\/goldman-sachs-will-launch-a-bitcoin-trading-desk\/\"><span style=\"font-weight: 400;\">Earlier this week,<br> as reported by CCN,<br><\/span><\/a><span style=\"font-weight: 400;\"> Goldman Sachs has officially confirmed that it has begun the development of its cryptocurrency trading desk,<br> which will allow the bank\u2019s clients to invest in bitcoin and the cryptocurrency market. Executives at Goldman Sachs stated that the growing demand from clients for bitcoin as an alternative store of value led the bank to support bitcoin trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rana Yared,<br> an executive at Goldman Sachs,<br> said that despite the skepticism towards bitcoin by the bank\u2019s executives,<br> the company came to a decision to embrace bitcoin due to overwhelming demand from clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved,<br> there has been personal skepticism brought to the table. It resonates with us when a client says,<br> \u2018I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,<br>\u201d said Yared.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sharing the same sentiment as VISA executive and Bitcoin Foundation founder Jon Matonis,<br> Kelly said that major investment banks like Goldman Sachs can provide significant liquidity to the market and introduce cryptocurrencies as a new asset class to investors in the traditional finance sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI think it\u2019s fabulous that they\u2019re getting into it because it brings in new liquidity. They\u2019re going to develop futures markets,<br> options markets \u2014 I even think you\u2019re going to start to see interest-rate markets around bitcoin. We\u2019re used to hearing things about Libor,<br> the index for bitcoin interest rates is Bibor,<br>\u201d <\/span><a href=\"http:\/\/www.businessinsider.com\/bitcoin-foundations-jon-matonis-bubble-fears-crypto-volatility-2018-3\"><span style=\"font-weight: 400;\">said Matonis,<br><\/span><\/a><span style=\"font-weight: 400;\"> emphasizing that an increase in the number of publicly tradeable instruments of bitcoin will allow the cryptocurrency market to mature.<\/span><\/p>\n<h2><b>Bitcoin Not a Security<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Recently,<br> as non-profit organization Coin Center announced,<br> the US Securities and Exchange Commission (SEC) also offered clarity on the legality of bitcoin and stated that bitcoin cannot be considered a security. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">SEC chairman Jay Clayton explained that bitcoin is a medium of exchange and a cryptoasset,<br> and most people have described bitcoin as a currency rather than a security because it does not benefit a single organization,<br> institution,<br> or a company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s a complicated area. Because,<br> as you said,<br> there are different types of cryptoassets. Let me try and divide them into two areas. A pure medium of exchange,<br> the one that\u2019s most often cited,<br> is Bitcoin. As a replacement for currency,<br> that has been determined by most people to not be a security,<br>\u201d <\/span><a href=\"https:\/\/coincenter.org\/link\/sec-chairman-clayton-bitcoin-is-not-a-security\"><span style=\"font-weight: 400;\">Clayton noted.<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">On CNBC\u2019s Fast Trader,<br> Kelly noted that these three factors will enable the bitcoin price to climb up past $10,<br>000,<br> and potentially achieve major support levels in the short-term.<\/span><\/p>\n<b>Follow us on <a href=\"https:\/\/telegram.me\/ccncom\">Telegram<\/a>.<\/b><br\/>\n<b>Advertisement<\/b><br>\n<div id=\"div-gpt-ad-1524167859587-2\">\n<script>\r\ngoogletag.cmd.push(function() googletag.display('div-gpt-ad-1524167859587-2'); );\r\n<br<h2>Follow @davidlanz for real-time crypto news!<h2>",<br>"json_metadata":" \"app\": \"piston-lib\/0.5.7\" " |
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