FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Bitcoin’s price could quickly reach $10,000, trader Brian Kelly claimed amid reports ICE (Intercontinental Exchange) has been developing an online bitcoin trading platform that could resolve a 'custody issue' that has stymied its development. Speaking on CNBC, trader Mr Kelly explained why he was “excited” by the news which could mean Bitcoin becomes subject of “big price moves”. He said: “I actually saw this news and was very very excited. I am actually a little shocked that the market didn’t pick up on this.” Mr Kelly also claimed if there is going to be a “physical delivery of Bitcoin”, as some reports suggest, then it means that ICE may have a custody solution. He said: “That has been the big hurdle. How do you hold on to these assets? There are generally bearer instruments just like old bearer bonds and so you have to have a third party custody person.

GETTY•CNBC Bitcoin trader Brian Kelly claimed the crypto could potentially rocket

“ICE has come up with a custody solution for institutional holders. That means cryptocurrencies are looking to become an emerging asset class, just like futures did, just like options were and just like foreign currency were back in the 70’s. “This opens the door for pensions and endowments up to this point it has been very difficult for them to get comfortable, compliance-wise, in holding cryptocurrencies.” He added: “If ICE becomes a custodian or has a custodian solution that is SEC (Securities and Exchange Commission) qualified and fits with their compliance, that is going to open the floodgates, this is a big growing market but still a relatively small to the other markets. “Just a small amount of capital flowing into this could have some big price moves.” The trader then took a closer look at cryptocurrency Bitcoin and suggested it could quickly reach $10,000. He said: “We are still on this uptrend, but we have had a bit of a sell-off.

I am actually a little shocked that the market didn’t pick up on this Brian Kelly

“I don’t think people understood this news, they didn’t realise how big the custody issue is. “I think on this news, we start rallying, particularly into Blockchain week in New York next week, I guess that $10,000 would be in our sights.” ICE has not commented on reports they have been developing an online bitcoin trading platform for major investors. It comes after Warren Buffett, the CEO of Berkshire Hathaway, issued the scathing verdict of Bitcoin during a shareholders meeting in Omaha, Nebraska. He stated: “Cryptocurrencies will come to a bad ending. It essentially will not deliver anything other than supposed scarcity.”

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip