CNBC Crypto Analyst Brian Kelly Talks About JPM Coin And Jack Dorsey’s Bitcon Buying Habits
In the recent CNBC interview, the CEO of BKCM LLC, Brian Kelly spoke bout numerous issues around the crypto ecosystem, including Jack Dorsey’s affair with Bitcoin and if JPM Coin would have an effect on Bitcoin [BTC].
— CNBC's Fast Money (@CNBCFastMoney) March 6, 2019
The interview starts with CNBC’s Melissa Lee highlighting the fact that Twitter’s Jack spends over $10,000 weekly on Bitcoin. Said information was supposedly first made available on Monday, March 4 during a podcast dubbed, “Tales from the Crypt”. Dorsey has always been for Bitcoin, as he views BTC no different than Twitter. During the podcast itself, he allegedly shared his first experience with BTC and how he sees it as eventually becoming the global currency of the internet.
“I saw that on Twitter, all the screenshots, I thought that was awesome. I would have participated, but I already exceeded my limit on CashApp. So, I couldn’t purchase any more.”
He even thinks that the crypto winter is in its last phase. The beginning of an accumulation phase fused with strong fundamental indicators such as the rising transaction volume of the Bitcoin network and the noticeable increase in institutional interest will fuel the recovery of Bitcoin until the year’s end.
“If you look at the number of addresses that have been created on the Bitcoin network, that’s up about 20 percent from the January lows, it’s apt highs at the levels we saw in the spring of 2018 when Bitcoin was well above $6,000. So Fundamentally, you’re starting to see improvement.
Some high profile investors and endowments have been dipping their toe into space, add in that you’re talking about Fidelity coming out with custody this week and Jack you know, he understands the payment network.”
Kelly even touched on the hyped topic of Lightning Network stating:
“And as the part of the Bitcoin network called the Lightning Network, he has said it is only a matter of time, not if but when that Lightning Network comes to the Square app that Lightning Network allows you to transact very easily at stores and that again could be another catalyst.”
“For the price, it's indifferent. I mean it’s a great signal because you have Jamie Dimon, an icon of banking, who did not like Bitcoin is now dipping his toe in now. They are completely two different products but the general public will not know that. So, signaling effects fantastic. It’s not going to displace Bitcoin whatsoever.”