In a recent development, Max Keiser, a prominent Bitcoin advocate and crypto advisor to the President of El Salvador, has made a forward-looking prediction for the price of Bitcoin, joining a chorus of analysts who have made bold forecasts about the flagship cryptocurrency’s future trajectory.
Keiser Predicts Bitcoin Price to Reach $220,000 Taking to his X (formerly Twitter) platform, Keiser expressed his belief that the price of Bitcoin will undergo a remarkable surge to reach $220,000 in the near future. However, he did not specify when this surge might occur. Keiser made this assertion in response to a CNBC article discussing the current downturn in financial markets, driven by economic and inflationary concerns.
In a subsequent tweet, Keiser reiterated his forecast that Bitcoin would attain a value of $220,000, stating that “Central banks will print a wall of money visible from outer space.” His conviction appears to stem from the anticipation that many individuals will turn to Bitcoin as a hedge against rising inflation.
Keiser also implied that the purchasing power of the US dollar is diminishing rapidly. He illustrated this point by recounting how, in the past, paying $100 for hamburgers seemed ludicrous, yet he recently paid “$84 for a very ordinary hamburger.”
Keiser has maintained a bullish stance on Bitcoin for an extended period. In 2011, he referred to Bitcoin as the “currency of the resistance” and the “biggest story of the decade.” Moreover, he consistently predicted that a financial collapse would trigger a substantial surge in the price of Bitcoin, asserting that the adoption and value of Bitcoin would increase as traditional banks faced challenges.
Arthur Hayes, co-founder of BitMEX, shares similar sentiments with Keiser. Hayes recently suggested that governments might resort to extensive money printing to rescue the bond market, potentially causing a meteoric rise in Bitcoin’s price and other cryptocurrencies.
The Impact of Inflation on Crypto: Good or Bad? There appear to be differing opinions on how rising inflation could affect Bitcoin and, by extension, the broader crypto market. While individuals like Keiser and Hayes view rising inflation as a bullish factor for Bitcoin, others, such as crypto analyst Nicholas Merten, believe that inflation could present challenges for Bitcoin’s price.
According to Merten, the Federal Reserve needs to raise interest rates to combat inflation, given the excess money in the financial system resulting from substantial money printing. On the contrary, Bloomberg analyst Mike McGlone cautioned that rising interest rates could contribute to a further decline in the price of Bitcoin.
Furthermore, there appears to be a correlation between the performance of traditional stock markets and the cryptocurrency market. Consequently, Bitcoin and the crypto market do not exist in isolation, and any financial crisis can have a significant impact on their performance.