Messari founder Ryan Selkis delves into some of the reasons for BTC's rally

03 Apr, 2019 | Updated: 03 Apr, 2019
by Richard Allen
Bitcoin
Messari founder Ryan Selkis delves into some of the reasons for BTC's rally

Ryan Selkis, Messari founder and Chief Executive Officer joins Bloomberg to delve into some of the reasons we’re seeing Bitcoin’s biggest surge since late 2017.

Selkis begins by explaining that where we are right now is similar to where we were in 2016, citing lots of optimism behind the scenes in retail investment circles and especially in institutional investment circles.

Selkis references a tweet he made recently where he refers to the “great wealth transfer” that will see Millennials inherit their parent's savings within the next few decades. He explains that if just 1% of that money flows into cryptocurrencies, crypto will be a multi-trillion dollar asset class.

Read more: Bitcoin could hit $50,000 because of the "great wealth transfer"

More near term, however, Selkins explains we’re seeing a lot more institutional interest, citing companies like Fidelity, the New York Stock Exchange and ICE. This will “finally allow professional investors to exit the space and make large investments.”

Bloomberg’s Joe Weisenthal asked Selkis if there was other data to look at besides price that suggests a bottom. The Messari founder states that one of the more interesting metrics is the realized value ratio. He explains the realized value is the market value of mined rewards that enter the supply over time. For the first time since “the 2015 depths,” the realized value dropped below the market value which means cumulative investments were north of where the market cap was. He adds that historically, it’s been the other way around, but now that its begun to accelerate it's near where it was before the 2017 bull market.

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Read more about: Bitcoin (BTC)

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