By CCN.com: Broadcaster Max Keiser is a noted bitcoin bull. The host of the Keiser Report on media channel RT is well-known for his $100,000 bitcoin price forecast, telling the world time and again to keep accumulating the digital currency because it is on its way to hitting six figures.
Keiser doubled down on his $100,000 bitcoin price target earlier this month. Now he’s reiterating his ambitious outlook, suggesting in an interview with CNBC Crypto Trader that it’s only a matter of time for the bitcoin price to reach his target.
“The timing is immaterial. It is still going to outperform every other asset you can possibly imagine owning over the next five, 10, 15 years. Forget about timing. Timing is for people who think that, ‘I’m going to wait and buy it at a better price.’ And that is a bad way to approach crypto. Stack Satoshis!”
Keiser’s reasoning for bitcoin beating every other investment category is simple – when an asset rises from $5,000 to $100,000, it is going to beat the returns of every other asset class.
While Keiser is willing to go out on a limb on the bitcoin price, he believes it’s a bad idea to try and time bitcoin’s rise. According to Keiser, one should keep accumulating the cryptocurrency instead of waiting for a better entry point because of the massive upside potential. He even recommended that people not waste their money buying Mother’s Day gifts. Instead, he says, investors “should have been stacking Sats.”
All of this makes it evident that Keiser is a big-time bitcoin bull.
Keiser is critical of the Federal Reserve performing quantitative easing. He said during the interview that the Fed’s inclination toward permanent quantitative easing would lead to “money printing without end.”
Keiser believes that such a move would lead to hyperinflation, and bitcoin – like gold – will thrive in such an environment. This is not the first time that a Wall Street veteran is comparing the digital asset to gold.
Asset management firm Morgan Creek Digital recently said that bitcoin price could hit $500,000 because it is a better investment than gold.
An increase in money supply is one of the two reasons leading to inflation. Hyperinflation occurs when a country’s government begins to print money to meet its spending and fails to tighten the money supply when needed. In a state of hyperinflation, the value of gold shoots up as it is a known hedge against volatility and inflation.
As it turns out, bitcoin is displaying gold-like characteristics. The price of bitcoin has rallied at a time when there is volatility in the global markets.
What’s more, just like gold, bitcoin is a finite asset; only 21 million coins can be mined. So the demand for bitcoin is expected to increase in the future, especially if the Fed keeps printing money and creates a hyperinflationary environment.
As such, Keiser believes buying and holding bitcoin would be a great idea because you could enjoy gains of more than 1,100% even if you buy it at the current price of around $8,000 – if his price prediction comes true.
This article was edited by Gerelyn Terzo for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.
Last modified: June 14, 2020 11:17 AM UTC