Brian Kelly to See Bitcoin as Internet in 80s

Founder and CEO, BKCM LLC believes that Bitcoin is in early stage of its development
16 April 2018   560

Founder and CEO of the BKCM LLC investment company , Brian Kelly compared the crypto-currencies with the "Internet in the 1980s", stressing that bitcoin is still in the early stages of its development, on CNBC.

Speaking about the potential of bitcoin, Kelly stressed that he used to compare crypto-currencies with the Internet as he was in 1995, but over time he realized that the reference should be made to a much earlier stage.

I think this technology is going to work, it’s going to be game changing, but it’s very early days, so we can have this massive volatility. 

Brian Kelly

Founder and CEO, BKCM LLC

Kelly compares bitcoin with Internet companies, such as Cisco and Microsoft, at the stage of their formation, where bitcoin could play the role of a router or an Internet protocol. At the same time, he emphasizes that the classification of bitcoin as a security or a company is incorrect.

This is an open source software, you can’t think of it as a company, and that’s where people make their mistake [...] This is not a stock, this is not a company.
 

Brian Kelly

Founder and CEO, BKCM LLC

The expert also mentioned the recent report of Barclays, whose employees compare bitcoin with an infectious disease. Kelly noted that it was after such negative articles he "wanted to buy an asset, be it bitcoin or not."

On Friday, Kelly said, he supports Tim Draper, who expects the bitcoin rate to reach $ 250,000 by the end of 2022.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   188

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.