Bitcoin will hit $400k: Max Keiser
22 Jun 2020
Cryptocurrency investor and Keiser Report host Max Keiser has upped his Bitcoin price prediction from $100,000 to $400,000.
He said that that the increase in value will coincide with the devaluation of the U.S. dollar.
Keiser said the reason for new all-time highs in the stock market is not because the economy is doing well, but because “the currencies are collapsing.”
Speaking to crypto news site Cointelegraph, he said that when the greenback dives, the Bitcoin will gap higher “by 10,000 at a clip” before making a drive to $400,000.
“My target for BTC since 2011 has been $100,000 and I recently upped that to $400,000. The timing depends on when exactly the USD collapses,” Mr Keiser noted.
His previous price prediction was $100,000 back in 2011.
Mr Keiser went on to say that U.S. debt is an important factor, warning that when “interest on the debt gets close to 100% of the GDP, America will officially be a failed state.”
He is the latest in a string of high-profile investors to become increasingly bullish on Bitcoin.
Last month, Paul Tudor Jones, founder and chief executive at Tudor Investment and largely considered one of the best macroeconomic traders of all time, told investors that he is increasing his exposure to the world’s largest cryptocurrency as part of a far-larger strategy of maximizing profits.
He said he has “just over 1% of my assets in Bitcoin. Maybe it’s almost 2. That seems like the right number right now. Every day that goes by that Bitcoin survives, the trust in it will go up.”
He added: “When I think of Bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be.
“But I’m very conservative. I’m going to keep a tiny per cent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.”
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