CNBC is back again, with more cryptocurrency antics on the ‘Fast Money’ segment. However this time, Fast Money host, Melissa Lee, took jabs at the cryptocurrency market, holding a ‘funeral’ for Bitcoin.
Fast Money Holds “Funeral” For Bitcoin,As Bitcoin approached $6,000, the aforementioned Fast Money host questioned if she should still cover Bitcoin and other cryptocurrencies? Deciding that the answer was no, Mellisa decided to head a little segment covering key and memorable events in CNBC’s cryptocurrency coverage.
Melissa mentioned popular cryptocurrency-related guests on the show, including Tom Lee, Mike Novogratz and Brad Garlinghouse, all powerhouses in the industry. She also noted the predictions held by Novogratz and Tom Lee, at $40,000 and $25,000 respectively.
Poking fun at the “cryptocurrency characters”, Melissa said:
“And then there were the characters. Bitcoin Jesus (Roger Ver), the Oracle of Bitcoin, all 500 of the Ethereum co-founders and who could forget the Coinbase screengrab and mindless trolling on Twitter.”
These mentions were all references to appearances of these “characters” on the CNBC segment, with the aforementioned personalities having memorable experiences on the show.
Although this may sound like FUD, this was actually a lead-in to Brian Kelly’s opinion on the current cryptocurrency market, disguised as a “funeral” by the CNBC production team.
CNBC Cryptocurrency Analyst Believes Bitcoin “Isn’t Dead Yet”Brian Kelly fired back at the so-called ‘funeral’, jokingly stating:
“Hold on. Hold on. I have a couple of things I want to say here. This is not the funeral for Bitcoin whatsoever.”
Kelly, CNBC’s in-house cryptocurrency analyst gave three reasons why BTC is set for a “resurrection.” Firstly, the analyst noted that sentiment is reaching a low, implying that sentiment could soon move upwards, bringing prices with it.
He said:
“You know when the Bitcoin bug came on, that was just around the highs. So when we start to declare a ‘funeral’, and things get really horrible, the sentiment is approaching the lows.
Secondly, Brian referenced the recent regulation regarded Japanese exchanges in particular. The Japanese Financial Services Agency (FSA), has recently implemented new rules for exchanges, requiring these institutions to improve security systems. Additionally, the FSA has made moves to reduce money laundering through crypto, by banning privacy coins, along with implementing stricter KYC/AML guidelines.
Although these measures may seem drastic, Kelly still felt like these rules were necessary, stating:
“For the short run, it is going to be a little tough because they are stopping new accounts from coming in. But actually they are cleaning up the system, they are making sure it is more robust, making sure it is better for people.”
Last but not least, he noted that Mt.Gox is working to pay back its creditors with over $1 billion worth of Bitcoin. Although these creditors may instantly sell their Bitcoin for cash, Mt.Gox will not distribute the recovered assets until February 14, 2019.
Yesterday’s ‘Fast Money’ segment was by no means a funeral for BTC, as Brian Kelly made it clear that Bitcoin is going nowhere.
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