Television host and crypto advocate Max Keiser believes that bitcoin may soon make its way up to the ,000 mark.Max Keiser: BTC Will Reach a New HighIt’s hard to know whether we should be taking these outlandish propositions regarding the future of the bitcoin price seriously or not. For example, over the past few years we’ve heard big things from the likes of John McAfee and others that bitcoin would hit major pinnacles either this year or in the coming years, but very few of these predictions have come true, and as it stands, it doesn’t look like there’s enough time for bitcoin to experience the surges it would need to get even remotely close to some of these suggested figures.McAfee said for many years that bitcoin would reach a price of one million dollars in the year 2020. Well,
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Television host and crypto advocate Max Keiser believes that bitcoin may soon make its way up to the $28,000 mark.
Max Keiser: BTC Will Reach a New High
It’s hard to know whether we should be taking these outlandish propositions regarding the future of the bitcoin price seriously or not. For example, over the past few years we’ve heard big things from the likes of John McAfee and others that bitcoin would hit major pinnacles either this year or in the coming years, but very few of these predictions have come true, and as it stands, it doesn’t look like there’s enough time for bitcoin to experience the surges it would need to get even remotely close to some of these suggested figures.
McAfee said for many years that bitcoin would reach a price of one million dollars in the year 2020. Well, we’ve been in the year 2020 for roughly ten months now, and nothing of that nature has even come close to happening. In fact, we’re on the verge of saying goodbye to this year for good and saying hello to 2021, and bitcoin is only just reaching $11,500 again.
Now, in an alleged attempt to save face, McAfee has sought to turn this all into a joke of some kind by explaining that he never meant for the prediction to be taken seriously, but the fact is that in saying it, he caused a lot of people to get their hopes up.
Tim Draper has also said time and time again that by the year 2022 or 2023, bitcoin would hit a price exceeding $250,000. Considering bitcoin only has about two years left before this time comes, it seems rather implausible that the world’s number one cryptocurrency by market cap could potentially add more than $230,000 to its price in the next 24-27 months.
But where Max Keiser appears to differ is in his analysis of bitcoin and its present trends, and he presents reasons as to why the currency could reach the price he’s suggesting. For example, he commented that futures traders are suppressing the price of the asset at the time of writing.
In addition, he says that governments and institutions are on the verge of purchasing bitcoin directly from miners, which will ultimately lead to a bitcoin shortage. This shortage will cause the asset to become rarer, thereby invoking a major price spike.
Institutions Will Play a Big Part
He states:
When this happens, we’ll see something quite unexpected. The retail market for BTC will dry up. The amount of BTC for sale at any price will be increasingly tiny. Institutions, corporations and governments will be buying BTC directly from miners, presumably at a huge premium.
To an extent, we’ve already begun seeing this considering MicroStrategy, Stone Ridge and Square have already purchased massive amounts of bitcoin in the last few months.