The perma-bull sees $100k per bitcoin in the medium-term future.
Max Keiser has been buying and promoting bitcoin since it was $1. The former Wall Street trader is big on gold and bitcoin, seeing the digital currency as the heir to shiny yellow metal. While Keiser’s long-term predictions for bitcoin are nothing new – he has repeatedly stated he expects $100,000 per BTC in the relatively near term, and has even entertained McAfee’s prediction of $1 million by the end of 2020 – this time, he has chosen a much closer target for his optimistic forecast.
On Saturday, Keiser tweeted, ‘I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.’ He says he even spent another $10,000 on BTC, he was so confident.
The self-described ‘tweet poet’ later later explained, ‘Fiat chaos engulfing global economy. A perfect storm for #Bitcoin — up $1,000 since I mentioned earlier today; my gut feeling is, we see $15,000 this week.’
The background to this forecast is the mess of different factors pointing to serious problems ahead for the global economy. There are the trade wars between China and the US, which show no signs of abating; when Trump announced further tariffs on Chinese imports last week, the stock markets fell heavily. The Federal Reserve also cut interest rates, reflecting an adjustment in the light of slightly weaker growth prospects than expected.
Then of course there is Brexit, and the threat of the UK leaving the EU without a deal. This has increased sharply since Boris Johnson became the new Prime Minister, and it leaves the whole European trading bloc vulnerable. That’s to say nothing of the continuing problems in Venezuela and elsewhere in Latin America, or the threat from a nuclear North Korea.
Keiser is right; trust in centralised institutions is at a multi-decade low, and Bitcoin is a means to hedge and move wealth without them. He is known for his optimistic predictions about bitcoin, which do not always prove correct. On the other hand, he has also proven right about bitcoin’s inexorable growth since 2011.
Inferno’s conclusion? It could be a very bullish week for bitcoin, as the recent correction comes to an end. $15k feels like a little too much to us – but if it’s offered, we’ll take it.
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