Brian Kelly, the CEO of BKCM LLC, spoke about Jack Dorsey and whether JPM Coin would have an affect on Bitcoin [BTC] or XRP, during a panel discussion on CNBC Fast Money.
Earlier this week, Twitter and Square Inc. CEO Jack Dorsey made headlines when he revealed that he had already exceeded his Bitcoin buying limit on CashApp. The dialogue started with him speaking about Stacking Stat Saturday, a movement wherein community members buy $10,000 worth of Bitcoin every Saturday. He said,
“I saw that on Twitter , all the screenshots, I thought that was awesome. I would have participated, but I already exceeded my limit on CashApp. So, I couldn’t purchase any more.”
Since a maximum buying limit of $10,000 worth of Bitcoin was imposed, many in the cryptocurrency community had speculated that Dorsey did indeed spend around $10,000 on BTC.
In the interview, Brian Kelly was asked whether the development and the recent Bitcoin rise in February could be a turning point for the currency. He said,
“I think we’re looking at the thaw here, right. It’s the crypto thaw; we had the crypto winter. When you look under the hood of what’s going on with crypto, we’re actually seeing some improving fundamentals”
He went on to say that the number of addresses created on the Bitcoin network was up by 20 percent when compared to January. Kelly, a known Bitcoin bull, added that the numbers were similar to the Spring 2018 numbers when Bitcoin was above $6,000.
This was followed by Kelly talking about the entry of institutional players into the space. He said,
“[…] also starting to see some institutional interest, some high profile investors, endowments have been dipping their toe into the space. Add in that you’re talking about Fidelity coming out with custody this week and Jack, you know, he understands the payment network and there’s a part of the Bitcoin Network called the Lightning Network.”
He also spoke about whether JPM Coin was good or bad for BTC’s price. The coin, introduced by banking mogul JP Morgan Chase, is designed to be a stablecoin pegged against the US Dollar. The main purpose of the coin is to be used as a medium for cross-border transactions, and for purposes other than banking services.
About the JPM coin, Kelly said,
“For the price, its indifferent. I mean it’s a great signal because you have Jamie Dimon, icon of banking, who did not like Bitcoin is now dipping his toe in now. They are completely two different products but general public will not know that. So, signalling effect fantastic it’s not going to displace Bitcoin whatsoever.”
When asked whether the new coin will affect Ripple or XRP, Kelly said,
“I don’t think so, not quite yet because JP Morgan coin or whatever it is is going to be just used within JP Morgan. XRP used by everybody”
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