Bitcoin’s dramatic fall in price to roughly $6,200 from about $20,000 six months ago doesn’t change the promise of the underlying blockchain technology.
That’s the assessment from Brian Kelly, founder of BKCM LLC, which launched the REX BKCM ETF (BKC) in May. It’s an exchange traded fund that tracks companies with exposure to blockchain. Some its holdings include Western Union (WU) and Shopify (SHOP) , among others.
Kelly points out that bitcoin prices were at $2,500 one year ago.
“We’re still in a very big long-term bull market for bitcoin prices in my view,” Kelly said. “The price of bitcoin is going to fluctuate all around but the technology is staying the same.”
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