Bitcoin (BTC) has reached a favorable point where the combination of increasing demand and reduced supply is creating a bullish trend, according to crypto investor Brian Kelly.
In an interview on CNBC’s Fast Money, the CEO of digital asset investment firm BKCM expressed his belief that the entrance of major brokerage firms like Morgan Stanley and UBS into the Bitcoin market will significantly impact its demand.
Kelly also emphasized the impact of recently approved spot Bitcoin exchange-traded funds (ETFs), stating that they will further drive demand in the post-halving environment.
The reduction in supply, combined with the pent-up and potential demand from new investors, creates a bullish situation for Bitcoin, according to Kelly.
While he predicts that Bitcoin could eventually become a safe-haven asset like gold, he believes this transformation will take around 10-20 years.
At the time of writing, Bitcoin is trading at $66,474, showing a week-on-week increase of over 4%.
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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you make are at your own risk, and you are solely responsible for any losses incurred. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
