Some of you will remember life before the Internet whilst many of you will never have lived without it. Those who witnessed its arrival in the 1980s will probably have a greater understanding of Brian Kelly’s statement on CNBC’s Fast Money show when he compared Bitcoin to the “Internet in the 1980s.”
What did he mean by that? Simply, that like the Internet back then, cryptocurrencty is still in its early days of development and we don’t yet understand its full potential.
In the early days of the Internet it was much slower. Google hadn’t yet appeared and by comparison, search engines were nowhere near as sophisticated. And it was slow. A speaker at London Book Fair in 1997 called the web “the worldwide wait,” a reference to the time it took to get search results and for pages to load. Bitcoin has also been accused of traffic jams slowing down transactions and lacking the technological development to function as a payment system.
Kelly said: “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.” Similarly, there were many who doubted that the Internet would ever have the impact on our lives that its enthusiasts predicted it would have. Who was right? The enthusiasts as we now know.
Several personalities in the cryptosphere have been speaking out in support of Bitcoin and cryptocuurency over the last week. Tom Lee of Fundstrat talked up the potential of another bull run once Americans have finished selling crypto to pay their taxes by 17th April. We have already seen a return to ‘green’ for the major cryptocurrencies in the last few days. Kelly backed Lee’s statement and said that we will have to wait until after 17th April to see if the gains will hold.
On the other hand, the non-believers are still having their say. Barclay’s analysts compared Bitcoin to a virus and said that investors could be divided into three groups: “susceptible, infected and immune.” Essentially, they see people selling off their Bitcoin as being ‘in recovery’. The report also claimed that the so-called ‘virus’, “would never hit another high again.” Clearly, investment tycoon Tim Draper doesn’t share this sentiment as he predicted that Bitcoin could reach $250,000 by 2022. That isn’t very far off, and Kelly believes that Draper might be on the money.
Kelly also commented on the Barclay’s report saying, “the moment right after such negative articles are published is when I want to buy any asset, whether it’s Bitcoin or not.”
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