Bitcoin price ‘recovery’: Crypto expert identifies market mistake amid soaring values | City & Business | Finance
Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, likened Bitcoin’s current state to the internet in the 1980s as he emphasised that the cryptocurrency is “not a stock”.
He explained: “You can’t think of it as a company right and I think that is where people make a mistake.
“This is not a stock, it’s not a company, it’s open source software.
“We’re early stage tech in this so you have to remember this is like the internet in the 1980s.
“I used to think it was like the internet in 1995.
“But after the last couple of months talking to folks, I think we’re more like the 1980s.”
Mr Kelly promised that Bitcoin will be “game-changing” and emphasised that the cryptocurrency’s “massive volatility” is partially down to the money’s “early days”.
He went on: “So you know 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.
“It’s Cisco, we’re at the age of Cisco and Microsoft.
“With Cisco you’re talking about routers and you’re talking about internet protocols, so this is an open source software.”
The reveal of Bitcoin’s vital market mistake comes during a time the cryptocurrency appears to be making a price recovery.
Bitcoin is currently worth $8,150 at the time of writing.
In the last week the virtual token has added $1,433.14 to its price.
This recovery marks a value increase of 21.34 per cent in the last week.
However, the cryptocurrency’s long-slumping period over the last month means that in the last month Bitcoin has still fallen in price.
In the last month the virtual money has seen a price slump of 0.47 per cent.
This marks a fall of $38.40 from its value.
The monstrous volatility of Bitcoin is shown from its frequent price surges and falls – the cryptocurrency market is seen by many as a high risk venture.