Max Keiser Brushes Off Crypto Bear Market, Says Bitcoin (BTC) Will Gobble Up All Fiat
Max Keiser, Wall Street vet and host of Keiser Report, is not fazed by the Bitcoin and cryptocurrency bear market. In a new interview with Bitcoinist, Keiser predicts Bitcoin (BTC) will rise to over $100,000.
“The Bitcoin price got way ahead of itself and we saw a typical pullback. Since I first started buying BTC in 2011 at $1, I’ve seen a few of these.”
“The long-term chart is fine. It’s still bullish.”
When asked why the crypto market has tumbled in unison with the stock market, he says that it’s mostly due to the way we perceive the digital currency.
“I think the market sees Bitcoin as a ‘risk on’ asset, so it moves in unison with stocks. At some point, the market will understand that Bitcoin, like gold and cash, is a ‘risk off’ asset. When the market realizes this, we’ll see ATH as safe-haven, capital flight money moves into Bitcoin.”
Keiser also thinks we need to see the bigger picture of how Bitcoin is being used all around the world. When asked about the rising BTC volume in Venezuela, a country in crisis due to hyperinflation, Keiser says,
“Against the bolivar, Bitcoin and gold have had incredibly powerful upward moves. Only using the USD to map BTC’s performance and impact is shortsighted and misleading. Think global.”
Keiser doesn’t think Venezuela’s new, oil-backed coin Petro – or any other coin, for that matter – presents any real competition to Bitcoin.
Calling Bitcoin a “monetary black hole” that will “gobble up all fiat,” Keiser says,
“Only Bitcoin has the power to create a fiat-free world while simultaneously destroying all that get in the way.”
He did admit that humans may never see that day and that Bitcoin “might only be used by our robot successors,” after we die off from an “ecological holocaust,” but those are small details.
More broadly, Keiser brushes off bear market fears and doubts.
You can read the full interview here.