Cryptocurrencies have been gaining attention from important firms, banks, hedge funds and governments. That’s why an important hedge fund manager has decided to invest 90 percent of his savings in the cryptocurrency market. Speaking to the CNBC, Brian Kelly, founder of BK Capital Management said that he has most of his money in cryptocurrencies.
Hedge Fund Cryptocurrency Investments
During an interview on CNBC on Monday, Brian Kelly told that he has almost all his money invested in cryptocurrencies, “like 90 percent,” he estimated. Mr Kelly commented that he has investments everywhere and that he runs a fund in which he has his own money.
“But that’s not for everybody. I am making a big bet,” said BK Capital Management founder. During the conversation, Kelly touched important aspects about cryptocurrencies. He said that the regulatory institutions are legitimizing cryptocurrencies. For him, the regulations that the CFTC wants to impose to cryptocurrencies are because they are concerned about fraud.
About that, Brian Kelly said:
“[Bitcoin] is here, this is a new to raise capital, this is a new asset class and we are going to be protecting the public but also fostering innovation.”
Bitcoin has been increasing in price during 2017 reaching new all time highs in December. The cryptocurrency reached $20,000 dollars and since then it has seen an important correction. When Kelly was asked about price projections he was a little bit more conservative than most of the cryptocurrency investors.
He explained that to arrive to “a million dollars” there is a big way to travel from where we stand now and that he would take some profits if Bitcoin reaches $20,000 dollars again.
“I am a trader, so I bought some on the $7,000, at $20,000 why wouldn’t I take a little bit off,” he said. “But that being said, that does not mean that I’m less bullish on Bitcoin at $20,000. But there is a lot of room between here and a million.”
At the moment of writing this article, Bitcoin is being traded around $8900 dollars depending on the exchange.