On July 20th, the CNBC Fast Money panel discussed Bitcoin’s massive rally this week with Brian Kelly, the Founder and CEO of the financial firm BKCM LLC. Kelly also conveyed his thoughts on Stellar overtaking Litecoin on the cryptocurrency rankings recently.
The ‘cryptocurrency war’, as of late, has had an impact on Bitcoin and its rally. According to Kelly, the market dynamics have changed in the course of two weeks, compared to earlier. He said:
“The character of the market has appeared to have changed. For most of this year, every rally was met with aggressive selling. That has changed over the last two weeks. The potential for a currency war could be a tailwind for Bitcoin going forward.”
Since Kelly was not present for the discussion physically, he had also sent a message on Stellar Lumens [XLM]. It stated that Stellar falls under cryptocurrencies as well as a blockchain platform. More so, this feature makes it ‘more valuable’ than Litecoin [LTC], which was overtaken to stand on the 6th position by Stellar earlier this week, on the criterion of market cap.
The message further conveyed that Stellar’s partnership with IBM is interesting, and could lead to more value-addition to the products to be built on the Stellar platform.
Dan Nathan, another crypto-expert at the panel, the Co-Founder and Editor at RiskReversal.com spoke about the Bitcoin rally. He said:
“You talked about what changes this week, so we’re up 25% from the lows and in Q2 we had a 58% rally of off the lows and in Q1 we had a 100% rally. They all made lower lows so you gotta go back and look at those lows from a couple of weeks ago, they really have to hold there, other than going round the entire move.”
Another expert also shared his views on Stellar. He marked that Stellar was founded by the same people who founded Ripple. He also speculated a capital flight from Ripple into Stellar, provided that Stellar is actually a transaction based coin and is required to be utilized to make transactions.
Jeb McCaleb is the Founder of Ripple, post which he also founded Stellar.
Stellar’s recent achievements include being one of the coins to be announced as a potential listing by the leading cryptocurrency trading platform, Coinbase. Earlier in the week, the cryptocurrency also received a Sharia certification, which made it the first Distributed Ledger Technology [DLT] to be accepted in the Islamic markets.
Attila Wang, a Bitcoin enthusiast and follower, on the discussion, commented:
“Hopefully BK is right this time. At lease right once for God’s sake.”
Another crypto-follower, Gary Porter exclaimed:
“Jesus, are you kidding me? Brian Kelly? ZERO credibility, have you ever tracked his predictions? He sucks!”
Another news follower and Twitter user, DontFearAndLoathXRP, also wrote:
“Let me say this as politely as I can: That was some of the dumbest shit I’ve ever heard.”