[2018-05-05] Bitcoin is rallying and can no longer be dismissed

[Karartma1]

My note: here come the MSM dragons, beware 

Bitcoin is rallying and can no longer be ignored, said Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies.
"It's a serious market," Kelly said from Hoover Institution's annual Monetary Policy Conference at Stanford University on Friday.
"When I would go to events like this in years past, you would kind of dismiss bitcoin," Kelly said on "Fast Money." "But it's been brought up several times at this conference and taken quite seriously. And I think you have to with a market cap at half a trillion dollars."

Read more https://www.cnbc.com/2018/05/04/bitcoin-is-rallying--and-can-no-longer-be-dismissed-brian-kelly.html

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[1Referee]

I like how most people and traditional investors have no other option than to admit that Bitcoin is here to stay. All the years of being ignorant pointed one thing out, which is that you should never underestimate new technologies, and especially not when just like the internet, Bitcoin is a foundation where everyone can build everything on. The internet was similarly not taken seriously, and see what happened. It should have functioned as prime example of how powerful new developments can be.

Bitcoin's market is insanely volatile, hostile, and in some cases even discouraging, but the market and Bitcoin itself are two different things. While people kept panicking during the massive correction, Bitcoin itself didn't even flinch. Its difficulty kept increasing, more money was flowing in its ecosystem, etc. Never judge a book by its cover, and in this case it applies to the price. This market mirrors speculation, where Bitcoin itself mirrors constant improvement in every aspect.

[FrueGreads]

This market mirrors speculation, where Bitcoin itself mirrors constant improvement in every aspect.

I really like what you said here, and I share that point of view. I think that all serious investors look to that as well. They skip all the crappy speculation and they focus on bitcoin development and it's applications. The volatility is perfectly normal, but bitcoin development never stopped even when the markets crash. This makes it a sustainable investment because it has potential and a good team working on it.

There is also one key point in the article in my opinion:

"One thing that is interesting is that bitcoin is clearly a currency," Kelly said. "Almost everyone I've talked to, and people here at this event, are talking about bitcoin as a currency, not a security."

This is how we want people to see bitcoin. We know we are not there yet, but regulation is being done, and like I said before, development is not stopping, and is making very important steps (with the LN), so it's true. Bitcoin can no longer be dismissed.

[Kprawn]

Bitcoin has been labelled as a "Ponzi scheme" or a "Bubble" for years and they dismissed it as a "fad" that would blow over.

We are 9 years later and Bitcoin is as strong as ever and going from strength to strength.  .. They have underestimated

the power of anger and frustration from people who has been exploited for hundreds of years by the traditional Banking

system.   

[Alex077]

I think that there will be more and more these kind of statements in the future. This is an excellent social attitudes indicator, which supports the price and raises it to new highs. A lot of investment funds invest in cryptocurrencies or their derivatives, and this is good for all ecosystem.

[felixesteban]

I wonder if this kind of news shows the bear season is over. For a while the number of positive news has been increasing. A few months ago, everyone was saying that bitcoin is dying, but right now it's the opposite.

[Chaki]

The more they handle Bitcoin as topic on the agreement it is also helping us to spread word about cryptocurrency, Bitcoin often become hot issues on the news and most people research "what about it?" most often they found out creating their own BTC wallet to engaged.
As for the people who says BTC is bubbles sometime they don't really know what's inside it but when they research more they find it amusing and the table turns around for them.

[gabbie2010]

Gradually they are succumbing the to reality that bitcoin is now a serious business most often they usually dismissed bitcoin and classifies with all sorts of negative terms and how hard they try to berate btc they more it waxes stronger I am not surprise with statement about btc credited to  Brian Kelly, founder and CEO of BKCM LLC,  other CEOs will come out and make a statement too.

[Aikidoka]

Is this the one who said bitcoin price will reach $25k? I think he is a good bitcoin supporter. Moreover, I do believe  this is the bitcoin era and that it should not be ignored. Yet, it should be spreading out worldwide. These experts can be at fault for they are humans like us and no one can state a fact based on nothing but an utter opinion. This CEO has really high expectations on bitcoin which I salute him for. But sometimes, you need to be realistic.

[DooMAD]

Why is it only when the fiat price is rallying that Bitcoin can no longer be dismissed?  Short of switching off the entire internet, Bitcoin is immune to shutdown.  That's what means it can no longer be dismissed.  You can't put the genie back in the bottle.  It's not going away.  It won't roll over and die.  So when the supposedly too-big-to-fail banks inevitably fail again, Bitcoin will be there waiting.  No one who sees the big picture cares about the peaks and troughs in between this seemingly foregone conclusion (unless they're using that volatility to increase their bitcoin holdings, of course).

[laredo7mm]

Is this the one who said bitcoin price will reach $25k? I think he is a good bitcoin supporter. Moreover, I do believe  this is the bitcoin era and that it should not be ignored. Yet, it should be spreading out worldwide. These experts can be at fault for they are humans like us and no one can state a fact based on nothing but an utter opinion. This CEO has really high expectations on bitcoin which I salute him for. But sometimes, you need to be realistic.

Yea I think such claims without argumentation or analysis are not very helpful for Bitcoin. Potential investors just get the opinion that crypto community is a bunch of unrealistic lunatics and blind believers.
To be honest, I think it will reach 25k but not that early.