Bitcoin bull Brian Kelly clings to the Bull Run narrative. Despite a 60 percent loss since the beginning of the year, the CNBC presenter sees no reason to panic. The institutional newcomers like Fidelity Investments in the Crypto Arena are “fantastic news” for all Bitcoin investors.
The news about Fidelity’s announced crypto trading desk does not leave even well-known Bitcoin friends like “Fast Money” presenter Brian Kelly cold. During a conversation with CNBC television, the Bitcoin advocate renews his bullish tones:
Fidelity is a fantastic message!
Kelly once again serves the narrative of institutional money in the show, which is to fuel the next Bull Run. When asked when to expect the big investors, Kelly answers in his usual euphoric manner:
“Fidelity has put its stamp on cryptos and established it: Yes, this is a new asset class. And at least as far as the institutions are concerned, you must now have either a [crypto] investment strategy or reasons why you are not [invested]. […] I expect companies like [Charles Schwab Corporation] to enter the market in the first quarter of 2019.”
So the argument is based on the emerging market pressure. The more investors prominently announce their entry into the crypto market, the more pressure this puts on companies at the margin to position themselves.
In six months at the latest, the “proverbial herd” will be on its way to market entry. Then “Big Money” had finally arrived.
“Institutional FOMO” through Fidelity Digital Assets
It was great news: When Fidelity Investments announced a pure crypto division last week, some saw it as responsible for a short-term increase in Bitcoin’s share price. As a result, renowned Bitcoin enthusiasts such as Galaxy Digital founder Mike Novogratz referred to the increasing competitive pressure for the big players. Then one would have a situation of the “institutional FOMO”, thus the fear of the large banks to miss a unique business chance. This brings in the long run all large money houses to think about own investments into the crypto market.
As BKCM-CEO not completely unbiased
As a Bitcoin bull, however, Brian Kelly has already achieved some fame. He has good reasons for this: As CEO of BKCM LLC, he heads one of the largest crypto funds in the world. The New York fund invests primarily in Bitcoin, Ethereum and ICOs. It is therefore in one’s own interest to place positive news about future market developments.