Bitcoin will reach up to $400,000 according to renowned American broadcaster, filmmaker and crypto figure Max Keiser, as he increases his price target for the first time in eight years.

Whilst speaking on news show Infowars on Monday, Keiser hold the host Alex Jones that his previous $100,000 prediction was now overly conservative.

Keiser stated: “I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”

The TV host spoke out as the spread of coronavirus continued to cloud global markets and Bitcoin – the world’s largest cryptocurrency by market cap – traded lower on the day at under $10,000, Coin Telegraph reports.

In the first six weeks of this year the cryptocurrency had increased more than 40% since the end of 2019, making 2020 the best start to the year for Bitcoin since 2012.

As confirmed cases and the death toll from coronavirus surged, deVere CEO and founder Nigel Green said that: “The ongoing upward trajectory of the price of Bitcoin correlates to the spread of the coronavirus. The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of Bitcoin has jumped.”

“Whilst there will be minor peaks and troughs – as in all markets - I predict the overall trajectory of Bitcoin to remain upward for the next few months,” Mr Green added.

Furthermore, undeterred by short-term volatility, Keiser added that Bitcoin was “equally as attractive” at its present levels as it was at the time of his previous forecast.

“The good news… is that Bitcoin at $10,000 or $9,300 is equally as attractive as it was when it was $100,” he went on to say.

Although he didn’t specify a time period, Keiser’s $400,000 prediction would make him more bullish than most of the best-known Bitcoin advocates. Indeed, venture capitalist Tim Draper forecasts that by Bitcoin/USD should reach $250,000 by 2024; whilst CEO of Bitcoin wallet Ballet, Bobby Lee believes the likely Bitcoin price by 2028 will be $500,000.