Brian Kelly: Instutitions Slowly Coming to Crypto
The CEO of BKCM Capital Brian Kelly, has spoken to CNBC about the latest developments across the cryptocurrency and Blockchain sphere. Kelly, who has gained a lot of respect with his predictions and comments about the sector said that Fidelity’s entrance towards crypto markets is a huge sign for the bull market.
Kelly said along with Coinbase and Bitgo, his firm is also interested in offering custodial solutions as he believes these solutions will trigger the next bull run of Bitcoin. Kelly said:
“Custody has been a very very big hurdle and having someone like Fidelity put their stamp on it and say yeah this is a new asset class and we’re going to custody this. I believe they even said that they might have insurance. [The move] is a step closer.”
The CEO also spoke about Yale’s entrance to the cryptocurrency industry. As we know it earlier, the very famous university has decided to make an investment to cryptocurrencies and most of the analysts labeled this as a positive news. Kelly spoke about what is that move means for the market as he said:
“This [Yale] has put everybody on notice especially in the institutional area. You either have to have a strategy for investing in this, or a reason for why you’re not. So I would expect over the past three months, six months, we would start to see the proverbial herd really start to turn in this direction.”
Kelly also gives us an additional information about the Yale’s investment. He said the nature of Yale’s investment fund contains 70 percent of cryptocurrencies alongside 30 percent of infrastructure plays. He also finished with his words by saying:
“I believe the fund Yale is investing in is 70% cryptocurrencies 30% infrastructure plays but its investing in a fund, we need new buyers, we need fresh capital coming into this space.”