Analyst: Naw is the Best time to Invest in Bitcoin

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Some Info about Bitcoin from me :)

Brian Kelly, cryptocurrency hedge fund BKCM manager and CNBC Fast Trader contributor, believes now is the best time to invest in bitcoin, even after the major correction that hit the global cryptocurrency market.

Since reaching an all-time high at around $19,000 in December 2017, the price of bitcoin has decreased by around 50 percent, from $19,000 to $11,000, along with rest of the cryptocurrencies in the global market. With the exception of Ethereum, most major cryptocurrencies such as Ripple and Bitcoin Cash have decreased significantly, by more than 50 percent.

While the price of bitcoin has dropped substantially, Kelly stated that the market is experiencing a shift in trend in which volumes are migrating from the Asian market to US and Europe-based retail traders. Through bitcoin futures and strictly regulated exchanges, an increasing number of institutional investors have started to invest in the cryptocurrency market

Now, when everyone is saying … it’s over, that’s it, bitcoin is dead, for the 175th time. Now’s the time you start looking at it, on the buy side. And that money is still coming in. The flows have not stopped. This is not the end of bitcoin

Even though the cryptocurrency market has evolved into a $550 billion industry, bitcoin remains as the only cryptocurrency with the backing of institutional investors, financial institutions, and strictly regulated exchanges like the Chicago Board Options Exchange (Cboe) and CME Group.

Thus, while alternative cryptocurrencies have become significantly more popular over the past six months, institutional investors that enter the cryptocurrency market will invest in bitcoin first, before planning to diversify their assets to other cryptocurrencies.

It is also important to acknowledge that the tax return filing season in the US is imminent and the South Korean cryptocurrency market is expected to enable new investors to open trading accounts by the end of January. These two factors will likely contribute to a surge in the volume and price of major cryptocurrencies, especially bitcoin