Bitcoin permabull Max Keiser is doubling down on his $100,000 bitcoin price prediction as it reached a new ten-month high this week. The Wall Street veteran says the U.S. Federal Reserves policies will cause a chain of events that will cement BTC’s status as a store of value.
Bitcoin to $100,000
Speaking to Kitco News on Tuesday (May 14, 2019), Keiser said both medium and long-term technical and market fundamentals point to Bitcoin inching closer to a bull market.
The host of the Keiser report says the cryptocurrency hasn’t even begun to reach its potential, maintaining that his 2018 $100,000 per coin was still achievable.
BTC has added more than $2,000 to its price in less than a week in May 2019 alone. The $141 billion market cap asset has gained north of 120 percent since the beginning of the year with more than 83 percent of that growth occurring in April and May 2019.
Buffett Lacks the Smarts Needed to Understand Bitcoin
Keiser also used the opportunity to once more rip into nocoiners like Warren Buffett who continue to disparage BTC ironically calling it ‘rat poison squared.’
Recently, the Berkshire Hathaway chief described BTC as a gambling device. Keiser rebuffed Buffett’s position pointing out that BTC is on track to becoming a haven asset on par with gold.
That would mean BTC’s market cap reaching something along the lines of $8 trillion. Keiser’s bitcoin price prediction of $100,000 puts the BTC market capitalization at potentially $2.1 trillion given the cryptocurrency’s 21 million total supply.
Commenting on the obtuseness of Buffett and co, Keiser declared:
He’s [Buffett’s] too mired in his ways, he can’t adapt, he’s not agile, he hasn’t got the brain power for it [Bitcoin].
Keiser isn’t alone in suggesting Buffett’s disdain for BTC comes at least in part from a total lack of understanding. Binance CEO Changpeng Zhao back in 2018 characterized the Berkshire Hathaway chief as being ignorant about cryptocurrencies.
The Fed Already Crapped the Bed
Keiser also touched on the Fed’s decision to go into quantitative easing, describing the move as being positive for Bitcoin. According to Keiser:
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.
We have every reason to expect that this breakout in #gold is for real. Gold & #Bitcoin are rising for the same reason. Wealth is de-risking. Money is moving out of assets with counterparty risk. Silver breakout to follow soon.
— James Turk May 13, 2019
Central banks around the world as also enacting similar policies with Travis Kling of Ikigai Asset Management calling them irresponsible. For James Turk of Goldmoney, investors will continue to pivot away from assets with counterparty risks into haven commodities like gold and Bitcoin.
Will Bitcoin reach $100,000 before the end of 2019? Let us know your BTC price prediction in the comments below.
Images via Tradingview, Kitco News, Twitter @FGMR, Shutterstock, Bitcoinist archives
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Author: Osato Avan-Nomayo