Brian Kelly, the CEO of investment firm BKCM, forecasted on CNBC a 10x growth in the market value of Bitcoin.
This prediction came as BTC reached a price of over $37,000 on the evening of Thursday, November 23, after falling below this level earlier in the week.
Kelly stated that the quick rebound from this level indicates that most traders are not interested in a pullback below $37,000.
He agrees with other experts and business leaders who anticipate the release of ETFs invested in BTC on the market by December or January.
Kelly also believes that BTC will see a rise in value after the launch of spot crypto funds on the US market in April.
Additionally, the Federal Reserve’s decision to not raise interest rates will create a favorable environment for capital to flow back into the cryptocurrency market.
In the long run, Kelly predicts that BTC will be seen as the digital equivalent of gold, which will drive a shift in capital from traditional precious metals to cryptocurrency, resulting in a 5-10x increase in BTC’s value.
