An upcoming supply cut could help () prices rise further in the coming months, fund manager told on May 21.
Speaking to the Fast Money program, he explained that “,” next due to take place in 2020, will see rewards cut in half.
With many miners now hoarding , Kelly predicted that prices will rise as increased demand — tied to increasing industrial and uses — competes with diminished supplies.
Describing the four-year cycle that leads up to “the halvening,” Kelly added:
“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”
He recommended investors dedicate between 1% to 5% of their portfolio to while prices are stuck around the current levels of $8,000.
Earlier this month, reports suggested that investment firm Fidelity was planning to for institutional clients in the coming weeks.
Meanwhile, well-known retailers and brands such as have been beginning to explore how crypto could fit into their business models.
Other analysts believe there are other factors behind ’s recent surge. On May 20, founder Barry Silbert suggested the crypto’s bounce back could be linked to the ongoing – trade war.
Published at Wed, 22 May 2019 16:24:21 +0000
