Max Keiser is Bullish on Bitcoin (BTC,) “My Price Target is $100,000 and Beyond”
Max Keiser has always been a proponent of Bitcoin, not only because of the evolution of its prices but also because of its fundamentals. In an interview for Kitco News, the host of the well-known TV Show “Keiser Report” pointed out that Bitcoin can “capture” a part of the global gold market (the most important asset used as storage of value).
The famous investor also told that despite the strong bearish streak of
2018, he still believes that it is perfectly possible for Bitcoin to reach
$100,000 adding that he does not expect to make any significant sales unless
this value is surpassed:
To capture a piece of the gold market, you’re talking $60-, $70-, $80-, $100,000 to Bitcoin. I have not sold any Bitcoin because my price target is $100,000 and beyond.
Keiser explained that from his point of view, BTC bottomed close to 3200
USD, however, he did not come to this conclusion for technical reasons. The
explanation was mainly political.
“When the Federal Reserve bank signaled that they were going to permanent quantitative easing, I said look, that’s the bottom for bitcoin, that was about $3,200 on bitcoin, because they’re making it clear now that there’s going to be no accountability by the Fed. They’re going to print ad infinitum, ad nauseam, there’s going to be no rollback, no kind of attempt to balance their books,”
Is Bitcoin Gold 2.0, Fiat 2.0 or just Bitcoin?
For Max Keiser, one of Bitcoin’s advantages over traditional fiat money is precisely that there is a fixed and immutable amount of tokens. This prevents a controlling entity from generating an excess of circulating BTC that could cause a drop in prices as a result of inflation.
This has been described by Max as irresponsible and he stressed that “bubbles” and price changes are normal because BTC is going through a transition stage that gave it several different characteristics (store of value, commodity, medium of Exchange, etc).
Bitcoin’s advantages over gold have been highlighted by other expert financial analysts. One of the most prominent has been Mike Novogratz who is sure that Bitcoin could “easily” surpass gold in 20 years.
“Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily.
However, Max explained that investors don’t have to decide between one and
the other. From his point of view, owning both is important to diversify risk.
“I own a lot of gold, I bought a ton of silver, but I also own a big position in Bitcoin”