Brian Kelly, CEO of investment company BKCM, predicted a tenfold increase in bitcoin (BTC) capitalization on CNBC.
On the night of Thursday, November 23, BTC is trading above $37,000.
Earlier this week, the largest digital currency was dipping below that mark.
Its quick comeback from the bottom suggests that most traders are not interested in bitcoin’s pullback below $37,000.
Brian Kelly agrees with those experts and businessmen who expect the emergence of exchange-traded crypto ETFs investing in BTC, December-January.
Even before the halving of BTC in April, the value of the cryptocurrency will start to rise after the launch of spot crypto funds in the U.S. market.
The Federal Reserve’s refusal to raise the discount rate will also create conditions for capital to return to the cryptosphere.
In the long run, investors will recognize bitcoin as digital gold. In this case, part of the capital accumulated in the precious metals market will be directed to cryptocurrency, emphasized the CEO of BKCM.
Now the capitalization of BTC is more than $700 billion. If the capital starts moving from gold to cryptocurrency, its value will increase 5-10 times, Kelly noted.