BK Capital Management founder and CNBC financial pundit Brian Kelly kicked the new week off by noting he’s officially put “90 percent” of his wealth in the top digital assets of the cryptocurrency craze. How’s that for going long?
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Brian Kelly made waves in the cryptoverse a few weeks ago by introducing the cryptocurrency trading phrase “rekt” to mainstream financial audiences. Well, Kelly literally will be rekt if the cryptoeconomy were to experience a black swan event going forward, since he’s just declared a super-majority of his self-worth now lies in cryptocurrencies.
On the February 12th episode of “Squawk Box,” when asked how much he’s put into the fledgling space, Kelly said:
“Like 90 percent. I run a fund. I have my money in that. I’ve got investments elsewhere. [It’s] not for everybody, I’m making a big bet.”
The fund in question is Kelly’s BKCM Digital Asset Fund. Kelly said he’s confident in his bullish outlook because he believes the blockchain revolution has created a whole new assets ecosystem:
“This is broader than just a currency. I’m making a bet that this is a new asset class in general.”
There are a sea of over 1,500 cryptocurrencies at present, so saturation and competition is only beginning to rev up in the cryptoeconomy.
In his latest comments, Kelly posited that a single cryptocurrency might rise above the rest. But he wasn’t sure that ascendant currency would be bitcoin.
“I’m not convinced it will be bitcoin. It could be something else. History of tech tells us tech disrupts itself.”
He’s got a point. Either way, though, it’s far too early to tell.
What’s your take? Do you think Kelly is a madman for putting so much of his money into cryptocurrency, or would you do exactly the same thing if you ran a hedge fund of your own? What assets would you buy? Sound off in the comments below.
Images via CNBC