Max Keiser has always been a remarkable person in the world of finance. Not only is he anti-establishment in nature, but he is also incredibly bullish on cryptocurrency in general. According to the broadcaster, Bitcoin is a gift to humanity and will help us overcome the financial mess we find ourselves in. He has no doubt that Bitcoin will remain the top cryptocurrency for many years to come. It’s a bold train of thought, but it’s not entirely unwarranted either.
MAX KEISER SEES A BRIGHT FUTURE FOR BITCOIN
No one can deny that the year 2017 has been pretty spectacular for Bitcoin and all other top cryptocurrencies. With so much new money pouring into cryptocurrency, a lot of records have been obliterated this year. While it may seem as if there is a lot of money involved in this industry right now, it’s still a drop of water in the ocean we know as the financial industry. Cryptocurrencies represent a fringe market at best, and their value may explode in the years to come. Whether or not that will happen is a different matter altogether.
For his part, Max Keiser is pretty confident that this is only the beginning for Bitcoin. He told RT that Bitcoin will be the lead crypto going forward, and that he considers it to be a “gift from God”. The latter point will certainly make a lot of headlines, although it is evident Bitcoin is a gift in many different ways. It allows the average person on the street to be in full control of his or her financial situation for the first time in as long as people can remember. With no bank or government capable of regulation, issuing, controlling, or banning cryptocurrencies, a new paradigm in finance is upon us.
If Keiser’s price prediction comes true, the value of Bitcoin will explode to US$100,000 in the next few years. Moreover, he is bullish on the top 20 altcoins, as those are the ones which will eventually succeed as well. Everything else is just an afterthought at this point, as a lot of currencies exist without having any real purpose whatsoever.
This may indicate that we will see a lot of money flowing out of ICO tokens and other altcoins as the top 20 simply fortify their positions in the marketplace moving forward. Of these, there are over a dozen currencies with market caps of over US$1 billion. Any currency not among these may have a very difficult time ahead.
Surprisingly, Max Keiser is not a big fan of Bitcoin Cash. While the latter is the world’s third-largest cryptocurrency by market cap, he feels the currency is mainly riding Bitcoin’s coattails. In his opinion, BCH is a plagiarized currency, which doesn’t adhere to acceptable business practices. Rest assured there will be some backlash over this comment, although it remains to be seen if there will be any repercussions for using the Bitcoin name. It’s not a trademark or copyright, and anyone is free to use it however they like.
While Keiser’s bullish sentiment on Bitcoin is commendable, there is also a very real risk of things falling apart. The meteoric rise of Bitcoin will not go unpunished in the form of a major correction sooner or later. When that will happen is anybody’s guess right now. Rest assured any future correction will not entail a decline of US$500 either, but rather one in the thousands. An interesting future lies ahead for Bitcoin, but things will get ugly at some point.