Bitcoin, already on a half-off sale, is still overvalued by 15%, cryptocurrency hedge fund manager says || Cryptocurrency 🌎

Bitcoin still in all probability must drop other fifteen p.c more or less to induce to its real worth within the current market setting, berkelium Capital Management founder Brian Kelly told CNBC on Thursday.
"The intrinsic worth, the approach I live it's transactions. And that I do reasonably an easy regression with a variety of transactions and speed. And you get associate degree intrinsic worth somewhere within the $8000s," aforesaid Kelly.
Last year's one, a800 PC meteoric rise in bitcoin peaked at over $19,000 in mid-December. Since then, the world's largest cryptocurrency has fallen regarding fifty p.c to around $9,500 on Thursday morning, consistent with the CoinDesk index, that average costs from the world's leading exchanges.

Despite the slump and his prediction for additional draw back, Kelly told "Squawk Box" he would never contemplate shorting, or sporting against, bitcoin.
"This is such a young technology. To short it, makes fully no sense in terms of the risk/reward as a result of this issue will move twenty or thirty PC in a very day. Therefore the most I am getting to create is 100% of my draw back [over time]. And also the worst is I am getting to lose thirty PC in a very day. So compound that," Kelly aforesaid.

Source: https://www.google.com/amp/s/www.cnbc.com/amp/2018/02/01/bitcoin-is-still-overvalued-by-15-percent-cryptocurrency-hedge-fund-manager.html