BThe value of bitcoin is gradually going up, and it almost got to the $10k mark on Friday, May 4. The move of Goldman Sachs into the digital currency market, upcoming Blockchain Week NYC, and regulatory clarity have all contributed to the increase in demand for the digital currency, which has, in turn, increased its value.
Brian Kelly’s Take on the Value of Bitcoin
The CEO and founder of BKCM LLC (an investment company that is focused on cryptocurrencies) – Brian Kelly, said that the value of Bitcoin is increasing and it can no longer be dismissed. On Friday, May 4, Kelly was at the annual Monetary Policy Conference of Hoover institution at Standard University, and he said that the cryptocurrency market is a very serious market.
Mr. Kelly said that when he goes to events like this in recent years, they usually ignore bitcoin. But the digital currency has been brought up a lot of times at this conference and it has been taken quite seriously. He said with a market cap of over half a trillion dollars, you should take it seriously too.
The value of Bitcoin
The value of the digital currency got to about $9,700 on Friday evening, May 4. While massively lower than its all-time high in December, last year, which was about $20k, bitcoin, continues to regain losses from lows of about $6k in February this year. Kelly also said Goldman Sachs’ plan to open a bitcoin exchange platform is also contributing to the high demand of the digital currency.
Another thing that is increasing the value of the coin is regulatory clarity. Kelly said “one interesting fact is that bitcoin is a currency, and everyone he has talked to, as well as the people at the event, are all saying that bitcoin is a currency, not a security.