BKCM CEO Brian Kelly Surmises BTC Price Decline Due To Negative Bitcoin Cash (BCH) Sentiment

BKCM CEO Surmises BTC Decline Due To Negative Sentiment On Bitcoin Cash

BKCM CEO Brian Kelly recently interviewed with CNBC’s Fast Money. Therein, he discussed the “meltdown mode” that bitcoin is experiencing and that such a state is the “lowest level” that the coin has declined to this year. This may be unsurprising due to the high amount of volatility and especially due to Bitcoin’s history. He stated,

“So Bitcoin Cash, which is the one that forked off of Bitcoin last year, is doing a hard fork. A hard fork is effectively a software upgrade. That’s the easiest way to think about it. When you do a software upgrade, everybody usually agrees. In this particular case, everybody is not agreeing about what that software upgrade should be.”

Kelly also stated that the state has caused a “crypto civil war” – at least, that’s what many others were calling it. Further, it has led to concern in the bitcoin and bitcoin cash areas. Kelly added,

“That software upgrade might not go through or if it does go through we’ll end up with some chaos. People started selling, that triggered stops, everybody got concerned and that’s what happened today. The entire market sell-down.”

Further, Kelly shared his opinion regarding the sell-off, calling a short-term event.

“I mean, there’s nothing going on. I was falling asleep back then. All of a sudden today it falls apart, breaks through the year’s lows down the $5500.”

Kelly also touched upon the differences between ethereum and bitcoin as it relates to performance, stating:

“It outperformed Bitcoin particularly on the upside. If you’re looking to play this and you don’t understand the hard fork. I would say if you don’t understand what a hard fork is, do not jump into that pool right now. It is the deep end but take a look at Ethereum might be interesting that’s something I bought today.”