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CNBC analyst Brian Kelly Explains Why Is Bitcoin Rising, Says Two Macro Catalysts Are Responsible

CNBC analyst Brian Kelly goes ahead to identify two macro catalysts. Furthermore, Explains How they are pushing Bitcoin (BTC) to its highest level. Notably, since it’s May Crackdown.

Additionally, the CEO and founder of digital currency investment firm BKCM talks on a new episode of FastMoney. He says that the main issues affecting traditional assets like stocks are now influencing bitcoin. Consequentially, this bring about considering the cryptocurrency now as an inflation hedge.

CNBC analyst Brian Kelly says,
“There’s quite a few tailwinds here. That’s what’s going on here…”
“We’ve talked about it over the year how Bitcoin has become more of a macro asset,..”
“so it started to respond to stuff like the debt ceiling drama and higher inflation,..”

So, CNBC analyst Brian Kelly continues
“and if you look at the correlation between Bitcoin and oil, that is now positive on a…”

Also, CNBC analyst Brian Kelly elaborates further,
“30-day rolling basis and is starting to get more positive, so I think what people are using,..”
“institutions have started to use it for, is as an inflation hedge.”

More so, Kelly notes that bitcoin recent rally is also because of optimism over the U.S. Securities and Exchange’s (SEC) upcoming decision. The decisions on pending Bitcoin futures exchange-traded funds (ETF) this month.

While, CNBC analyst Brian Kelly says,
“The other thing that you have here is that there is a decision on a…”
“futures-based ETF that is coming up in the middle of October, October 18th,..”

Also, CNBC analyst Brian Kelly continues,

“I believe, and so I think we’re seeing a lot of speculation that that may be…”
“approved at that point in time. Both of those things are tailwinds for [BTC].”

So, CNBC analyst Brian Kelly concludes.

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Picture Credit – CNBC

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