Bitcoin is going to “Amazon the banks,” CNBC host Brian Kelly told viewers Monday in a mainstream plug for the cryptocurrency.
As part of the network’s Fast Money segment, Kelly, who is a well-known proponent of Bitcoin and frequently advises investment, outlined three reasons why consumers should buy now.
“Demonstrated demand for the product” and a “massive addressable market” are the two other key factors making Bitcoin a good bet, Kelly explained.
“Amazon comes in, they go direct to the consumer… ‘DTC,’” he said. “Well, this is ‘BTC’ - the Bitcoining of the banks.”
Why buy #bitcoin? @BKBrianKelly has three reasons to get in pic.twitter.com/0acYhvDfe2
— CNBC's Fast Money (@CNBCFastMoney) October 30, 2017
Kelly has become increasingly vocal on Bitcoin’s virtues in recent months as the cryptocurrency reaches new all-time price highs time and again.
Even during the fallout from China’s trading and ICO ban when prices halved, Kelly remained steadfast in his support, giving CNBC viewers hints as to the perfect floor to buy more. At the time, that was $3,600 - around 65 percent of today’s price. He continued:
“Now I have a product that people want in a market that is massive and there’s a disruptive technology going on. To me, those are the three elements of any investment that I want [...] It’s one of the best investments out there.”
As Bitcoin celebrates its ninth birthday, prices continue to delight investors big and small, retesting all-time highs of $6,300 seen just this weekend.