Following the recent price plummet of cryptocurrencies, CNBC’s Melissa Lee declared that it was time to stop covering Bitcoin on Fast Money. Fast Money was one of the few mainstream platforms that tried giving Bitcoin a shot, although most of the times painted a somber picture around it.
— CNBC's Fast Money (@CNBCFastMoney) June 22, 2018
Although Melissa Lee had a condescending tone in her delivery from the word go, Brian Kelly came out in defense of Bitcoin. He goes on to explain to the audience is that what we are seeing right now is not the death of Bitcoin but the resurrection.
He elaborates his position on Bitcoin by pointing out that the sentiments surrounding the popular cryptocurrency are approaching new lows. Hopefully, this will help to turn around things, in a manner which is vice-versa of the trend which we saw earlier this year. Kelly then points out the restructuring of Japanese exchanges, to make their platforms more robust. Even though those efforts have been contributing to the lowering of valuation of Bitcoin, the new improved system will make sure such incidents don’t happen in the future.
Bitcoin has seen a downward trend for past 6 months, but as Brian points out in the segment if you go back another 6 months, the price of bitcoin was $2,500 USD. This should put things in perspective as bear markets usually see similar trends in the world of stocks too.
Kelly says that that the peaks of Bitcoin that we saw earlier this year was due to the inflated ICO market, however, currently that's not the case and as Bitcoin trading becomes more popular we can expect a bullish trend on it.
In all likelihood, this segment by Fast Money was just an overreaction to Bitcoin falling below $6k. There is no way they will ignore one of the biggest financial technology movements our generation has seen.
Earlier this week CNBC’s Jim Cramer, said that big banks stocks are in trouble owing to the ase of transactions of Bitcoin and other cryptocurrencies.
Image Credit: CNBC