Bitcoin fell below the $6,000 mark on Friday.
But crypto trader Brian Kelly reminds investors that a year ago bitcoin was priced around $2,500.
A combination of tax selloffs and exchange hacks have caused the declines.
Bitcoin fell below $6,000 on Friday, but bitcoin bull Brian Kelly told CNBC that the popular cryptocurrency is "not dead."
"This is not the funeral for bitcoin whatsoever," Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said on "Fast Money" Friday.
"Let's put this in perspective," he said. "Do you know where we were a year ago? $2,500."
Bitcoin's Friday performance
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Source: CoinDesk
But Kelly said this is not a bad thing long term.
"They're cleaning up the system. They're making sure it's more robust. Making sure it's better for people," he said.
In addition, Mt. Gox, the Japan's bitcoin exchange that shut down in 2014 after a security breach, said it might start paying back investors as early as next year. Kelly this will likely happen in the first quarter of 2019.
"Everyone thinks all of the sudden there's going to be a wave of selling." But he said, it's "not happening now."
Instead, he said traders should think long term about cryptocurrencies and less about investing in ICOs.
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