‘Historic’ day for bitcoin paves way for ethereum ETF: crypto investor Brian Kelly

Brian Kelly, BKCM Founder & CEO, joins ‘Fast Money’ to talk the kick off of spot bitcoin ETF trading after SEC approval.

SEEN SOME SECONDARY PRICE MOVEMENT IN THOSE CARS LIKE YOU SUGGESTED. >> VOLATILE DAY FOR BITCOIN, AS 11 NEW ETFs MADE THEIR DEBUT. MOST OF THE NEW INSTRUMENTS DROPPING TODAY. ARK AND THE GRABBING LYNN BITCOIN ETF THE BIGGEST LOSERS. LET’S BRING IN BRIAN KELLY ON

THE APPETITE FOR BITCOIN ETFs. BRIAN IS ON THE FAST LINE. B.K., DID YOU POP CHAMPAGNE? HOW DID YOU CELEBRATE THIS? >> YEAH, VERY EARLY IN THE MORNING, 9:30 A.M. NEW YORK TIME, THAT’S A LITTLE TOO EARLY FOR B.K. TO BE POPPING CHAMPAGNE. IT WAS AN EXCITING DAY,

CONSIDERING THE FACT THAT BITCOIN’S BEEN ON THIS TRAJECTORY FROM THE BACK WATERS OF THE FINANCIAL WORLD TO BEING CALLED AN INDEX FOR MONEY LAUNDERING AND TODAY IT FINALLY ACTUALLY BECOMES A NEW ASSET CLASS. FINALLY RETAIL INVESTORS HAVE A

WAY TO INVEST IN IN THEIR OWN BROKERAGE ACCOUNT. >> WE WERE LOOKING AT SOME OF THE HISTORICAL CHARTS OF BITCOIN, AND IN THE PAST YEAR, IT’S UP 160% PLUS. ARE WE LOOKING AT THE DAYS OF EXTREME VOLATILITY BEING OVER AS BITCOIN, YOU KNOW, RESIDES IN

MORE PORTFOLIOS OUT THERE? DOES VOLATILITY GET DAMPENED AND THE SWINGS GET DAMPENED AND MAYBE THE GAINS ARE DAMPENED? >> YOU KNOW WHAT, I THINK THERE’S A GOOD ARGUMENT FOR THAT, AND THAT’S SOMETHING THAT I’VE ALWAYS THOUGHT OVER TIME. PEOPLE HAVE SAID, HEY, BIT COUNT CA

BIT CCOIN IS TOO VOLATILE, AND SAID, WAIT UNTIL WE GET OPTIONS AND FUTURES, AND A FULL MARKET AROUND IT, AND YOU HAVE PEOPLE THAT ACTUALLY WANT TO SELL IT AS A HEDGE, THAT WANT TO USE OPTIONS AS A HEDGE. THAT WILL LIKELY REDUCE VOLATILITY OVER TIME.

I THINK THAT’S A THREE TO FIVE-YEAR PROCESS, BUT AT SOME POINT, A VOLATILITY JUNKY LIKE B.K. WILL GET BORED WITH BITCOIN. >> BRIAN, THE GOLD ETF, I REMEMBER THE EXCITEMENT. GOLD ETF COMES OUT, PRICE WENT OUT AND IT WENT SIDEWAYS FOR MONTHS, IF NOT LOWER.

WE SAW A MOVE UP TO 49,000 TODAY ONLY TO GIVE IT ALL BACK. IS THERE A CHANCE THAT THIS IS A SHORT-TERM HIGH IN TERMS OF BITCOIN? >> OH, CERTAINLY, RIGHT? AT THIS POINT IN TIME, YOU HAVE TO SAY, OKAY, WHY IS SOMEBODY GOING TO BUY BITCOIN?

BESIDES, HEY, I JUST WANT TO HAVE IT PART OF MY PORTFOLIO, YOU HAVE TO HAVE THE MACRO TAILWINDS, WHICH WE DO. WITH THAT CPI PRINT TODAY, THAT IS MAYBE A LITTLE BIT OF A HEADWIND, IF YOU THINK THE FED IS GOING TO BE HIGHER FOR

LONGER, BUT CERTAINLY, YOU KNOW, IT IS GOING TO CHANGE FROM JUST THE ACCUMULATION STORY, THAT WILL STILL BE PART OF IT, BUT THEN THE ACTUAL INVESTMENT THESIS AROUND IT WILL START TO COME IN. AND WE’VE HAD BITCOIN UP 160%. I CAN’T BLAME ANYBODY FOR TAKING

PROFITS OFF THAT MUCH. >> HEY, BEEKS. THERE USED TO BE A SAYING, TO OWN YOUR COINS, HOLD ONTO IT, SOMETHING LIKE THAT. WHAT DOES THIS ANNOUNCEMENT MEAN? IF NORMIES LIKE ME AND GUY — >> NORMIES? THAT’S BEING GENEROUS. >> HOLD IT IN OUR I.R.A. —

>> NOT SURE HOW YOU’RE DEFINING NORMIE. >> WELL, THAT’S WHAT THE KIDS SAY. THERE ARE TWO DIFFERENT THINGS, BUYING A PIECE OF A BITCOIN, A COINBASE WALLET VERSUS OWNING, YOU KNOW, A FIDELITY BITCOIN ETF IN THEIR BROKERAGE ACCOUNT. >> SO, YEAH, JUST FOR THE

RECORD, DAN, I DON’T THINK YOU’RE A NORMIE, I THINK YOU ARE QUITEABNORMAL. BUT ANYWAY, BECAUSE THE SAYING YOU’RE TALKING ABOUT IS NOT YOUR KEYS, NOT YOUR BITCOIN. IT’S THE SAME THING ABOUT A GOLD BAR. IF I OWN A GOLD BAR, IT’S IN MY SAFE, SOMETHING HAPPENS, I CAN

SHAVE THAT OFF AND BUY SOME MILK WITH IT. SAME WITH BITCOIN. IF YOU HOLD IT IN YOUR WALLET, YOU CAN BUY SOMETHING. WITH THE ETFs, WITH GOLD AND BITCOIN, IF YOU ACTUALLY NEED THOSE COINS, YOU CAN’T GO TO BLACKROCK AND SAY, GIVE ME THE COINS.

JUST LIKE YOU CAN’T GO TO BLACKROCK AND SAY, HEY, GIVE ME THE GOLD. IT IS THE DIFFERENT TYPE OF INVESTMENT AND INVESTORS SHOULD KNOW THE DIFFERENCE. ONE, YOU DON’T OWN IT PHYSICALLY IF YOU OWN THE ETF. >> B.K., LAST QUESTION, THEY’RE

GOING TO BE REALLY MAD AT ME, BUT HOW DID YOU TRADE THIS GOING INTO THE ETF LAUNCH AND HOW ARE YOU TRADING IT NOW? ARE YOU ANTICIPATING THAT WE’LL SEE CONTINUED PULL-BACKS AT THIS POINT AS MORE AND MORE PEOPLE GET ONBOARDED INTO THIS AND

MAYBE SOME MONEY DOES SHIFT OUT, BECAUSE SOME MONEY WAS IN BIT COUNT FOR THE ETF LAUNCH? >> YEAH, THERE CERTAINLY WAS, AND THAT WAS PART OF THE INVESTMENT THESIS THAT I HAD COMING INTO THIS YEAR, THAT AS THIS ETF RAMPED UP, YOU’D GET THAT EUPHORIA.

I START TO LOOK AROUND AT SOME OF THE OTHER COINS. YOU LOOK AT HOW STRONG ETHEREUM WAS TODAY. I THINK EYES ARE GOING TO BE ON’ THIS HERE YUM. MAYBE IT’S THE NEXT ONE THAT’S GOING TO GET AN ETF. YOU STAKE IT AT COIN BASE, YOU GET A 3%