Brian Kelly, a crypto fund manager and CEO of BKCM, a digital asset investment firm has affirmed that Bitcoin price dip is linked to Bitcoin Cash hardfork. In an interview with CNBC on Fast Loan, he cleared that Bitcoin Cash is having a ”hard fork” or is doing ”effectively a software application upgrade.’‘
Referring to the current situation in the cryptocurrency market that arose due to the hardfork, he has stated, “When you do a software application upgrade, everyone normally concurs. In this certain case, everyone is not concurring.”
Few are apprehensive about the software program upgrade, assuming that the networks will likely downturn or the Bitcoin money market will go through a disorder. On the day of the interview, Kelly explained that ”the entire market sell-down,” and in such critical condition, ”everybody became worried.”
Meltem Demirors, the CTO of CoinShares, who appeared with Kelly on the interview, dubbed as, “Rapid Money” commented, “I think all various other possessions that are not bitcoin are in the midst of a liquidity situation … What we’re seeing throughout the board is asset rates are down 75 percent or more, sometimes 95 percent.”
” We’re now at a point where projects are running out of cash,” Demirors added. “They’re going to need to begin firing workers. They’re mosting likely to require to reduce costs,” she anticipated. “You’re visiting consolidation, and also some of these assets, unavoidably, will certainly get noted to no,” she added.
Kelly is, however, hopeful about the market recovery and expects that the crash in crypto prices will last for a brief time period. “I believe it’s possibly a possibility … Actually, we did some buying at my fund today [Wednesday]“. He has sent out a note of caution to the interested investors stating, “If you do not understand what a ‘difficult fork’ is, do not jump into that pool today. It is the deep end.”
Last year in December, the price of Bitcoin, the top most digital currency skyrocketed to reach nearly $20,000 mark. Even though the coin is currently trading at around $4,000 it has the potential to redeem its lost glory and hit the historic point.