Ultimate magazine theme for WordPress.

Max Keiser: Institutional FOMO Will Lead to Bigger Moves for Bitcoin

0 1


Russia Today presenter and one of the first people to publicly endorse Bitcoin (BTC), Max Keiser, has reaffirmed his belief that Bitcoin is going past $100,000. The long-term proponent of the most popular crypto asset stated that institutional investors are likely to drive the price even higher than seen during recent price rallies as “fear of missing out” kicks in amongst those with the deepest pockets.

Keiser also stated that December’s low of $3,200 would serve as the ultimate bottom for BTC. For him, the price will only continue to surge from here as Bitcoin captures a share of more traditional store of values’ markets.

Keiser Bought Bitcoin at a Dollar and is Yet to Sell a Satoshi

Long-term Bitcoin proponent and Russia Today journalist Max Keiser recently appeared on a Kitco News segment discussing the crypto asset space. In town because of New York Blockchain Week being held at the moment, Keiser sported a pristine white suit and impressive Bitcoin tie for the occasion.

He was first asked about where BTC price was heading, to which the crypto evangelist stated that the recent announcement that the Federal Reserve was going to allow permanent quantitative easing was a signal to him that the previous Bitcoin low of $3,200 last December was the ultimate bottom of the market. He refers to the policy as:

“Completely irresponsible, global shenanigans.”

Keiser believes that hunger for a store-of-value asset is growing as the world continues to de-dollarise, and investors seek out alternate ways to protect their wealth. He argues that gold is too manipulated for many. For the RT News presenter, this will ultimately lead to greater demand for Bitcoin:

“To capture a piece of the gold market, you’re talking $60-, $70-, $80-, $100,000 a Bitcoin.”

The presenter then asked Keiser about his long-term outlook and if he had taken profit during any of the previous bull markets. Keiser responded simply:

“I have not sold any Bitcoin because my price target is $100,000 and beyond.”

He went on to argue that if Bitcoin continues to prove itself a store-of-value and the market capitalisation continues to grow as he expects it to, BTC will become more useful. Since it will take more money to move the market in any sort of meaningful way, volatility will be greatly reduced at $100,000+ Bitcoin prices. This will make it more usable as a medium of exchange. Eventually this will lead to it being considered a unit of account since commodities can be easily priced in stable assets.

Just like retail “fear of missing out” caused the Bitcoin price to soar in late 2017, Keiser believes the same common market phenomena will occur during the next bull run only this time with institutional investors. With the likes of TD Ameritrade, Fidelity, Bakkt, and others all positioning themselves to take advantage of institutional demand for BTC, once those with the deepest pockets start to think that Bitcoin is the must-have investment, price could well hit this $100,000 level faster than most people think possible.

 

Related Reading: The Case for Bitcoin as a Store-of-Value, Can it Really Rival Gold Going Forward?

Featured Image from Shutterstock.



Leave A Reply

Your email address will not be published.