Brian Kelly, the same man who had been accused of plugging Ripple on CNBC by demonstrating its purchase process, recently stated that people should look into buying more Bitcoin while its value allows it to be reachable to potential investors.
Bitcoin’s value is currently dancing around $10,000 to $11,000, which is almost a 50 percent drop from its high in December where it had reached $20,000 at one point.
What did Kelly have to say?
Apart from being in the news about that one Ripple segment, Kelly is also known for being a proficient investment expert and the founder and CEO of BK Capital Management, a digital asset investment firm.
Speaking on CNBC, Kelly mentioned the current negativity and nervousness that has been making rounds across the cryptocurrency industry about Bitcoin and its decreasing value this month.
He stated that despite everyone suggesting that “bitcoin is dead,” this is the opportunity for investors to invest in the cryptocurrency.
“Now’s the time you start looking at it, on the buy side,” Kelly said.
The “hand-off” period
Kelly also mentioned that even with the recent situation that has been developing in China and South Korea, cryptocurrency is currently going through a “hand-off” process where it is going from the Asian traders to the ones in Europe, U.S., and Japan, only to come back to the first region in the circle again.
China is currently in the process of taking stricter measures to reportedly achieve its objective of eradicating cryptocurrency trading from the country altogether. South Korea, on the other hand, recently released a regulatory plan to end the anonymity on cryptocurrency transactions, but is otherwise not in the process of banning the exchanges or trading by any means – after weeks of uncertainty on the situation.
Kelly further mentioned that this is most certainly “not the end of Bitcoin,” but is the other way around. He alluded that it is an excellent situation to be in for investors who want to buy Bitcoin, instead of where the cryptocurrency’s value is so high that it is out of reach and poses a danger to its new investors, due to its volatile prices.
He mentioned that while “everyone is running around being all excited” whenever Bitcoin reaches the value around $20,000, that is the time when people need to be vigilant about their investments and be “a little cautious.”
Kelly also shared a few tips for investors who are interested in Bitcoin, starting by mentioning that since “this is the Internet in 1995,” it is prone to fluctuations and risks.
He advised investors to only put in around 10 percent of their total investment budget into Bitcoin, as that way, even if losses incur due to fluctuation, they would be able to manage them easily.
He also suggested the investors HODL onto their Bitcoins once they have them, and not to sell them right away whenever the value starts going up again. He explained that once Bitcoin prices start going up again, chances are that it will gain traction once more.
Furthermore, he mentioned for investors to have a stable stance about Bitcoin and not drop it if the price fluctuates by 50 percent. He described that daily fluctuations are normal in this asset class and thus, while the price can drop that much in a single day, it can very well go back up and even higher the next day. The key is not to be panicked.
It sounds like Kelly might be on the way to redeem himself in the eyes of Bitcoin supporters, after all.