Expert predicts April 17 will trigger bigger gains for Bitcoin
April 17 could be the key to Bitcoin’s next significant price hike, according to one leading expert.
In an unusual spike, Bitcoin’s value saw a 17 percent surge on Thursday.
It is due for an even more substantial jump in just a few days’ time, as Tax Day looms, however.
Brian Kelly, CEO of BKCM, told CNBC:
“We’re early stage tech in this – this is like the internet in the 1980s.
“I think this technology is going to work, it is going to be game-changing.
“It is very early days so we can have this mass of volatility.”
Historic cryptocurrency recovery
According to Mr. Kelly, the April 17 Tax Day is the key to the gains, explaining:
“I think this is for real, so we’ll know presumably after April 17 if we can hold these gains.
“We will know how much that was selling impacted.”
In the US, April 17 is known as “Tax Day.”
It’s the deadline for people to file their 2017 federal tax returns, which should include any crypto profits.
Kelly explains further:
“We probably have 500 to 600 billion dollars come off the market for tax purposes and we have had that since December.
“It looks like we have bottomed here and there definitely seems to be a change in the sentiment around it so I think this is the real thing.
“This is an open source software so you can’t think of it as a company and that is where people make the mistake.”
Over the last ten weeks, the correlation between stock markets and Bitcoin has indicated the cryptocurrency is still seen as a “risk asset.”
This relationship opposes the view that it’s a safe haven asset like gold.
This is due to it still being mostly unregulated along with the volatile nature of the market.