Discussing the total state of the cryptocurrency marketplace, Kelly predicted that 2019 will turn out more than 2018. The analyst asserted that"we are somewhere near the end of [the bear market], however we've got another dip , it wouldn't surprise me at all."
"Likely in 2019 the attention will be on monies -- Bitcoin, Litecoin, a few of those -- since we have quite a lot of geopolitical tension on the planet. We're starting to find some international macro players utilize Bitcoin as alternative to their golden position, or as a means to hedge against fiat currency changes and volatility."
Based on Kelly, 2019 will see Bitcoin become a more approved advantage of mainstream investors.
But when asked about the likelihood of a Bitcoin ETF receiving government approval this season, Kelly stated that there is"no shot" for that.
Over 2018, the SEC has received multiple Bitcoin ETF software from various players, like the Winklevoss twins, but is yet to approve any of these. Expanding on his viewpoint, Kelly explained that the agency is unlikely to change its opinion in the near future, as"there's too much that's unresolved." According to the analyst, it will require more than a year to repay the current issues.
Kelly further predicted that in the approaching decades the planet will face a new downturn, followed by a new financial disaster. On the other hand, the nature of the latter will be different from the last crises, which will purportedly produce a window of chance for cryptocurrencies and lead to making them an true alternative to fiat money.
As Bitcoinnetmagz reported last August, Kelly had predicted that the acceptance of a Bitcoin ETF would not happen sooner compared to February 2019. Then he affirmed the SEC's argument that the current BTC futures market isn't mature enough, nevertheless highlighting that it is evolving quickly.