Renowned Bitcoin supporter and financial expert Max Keiser has released a highly optimistic statement about Bitcoin, projecting that the price of BTC is poised to “exceed $500,000.”
Keiser envisions the potential for this scenario as he also anticipates a substantial decline in the U.S. stock market, comparable to the one not witnessed since the late 1980s. With the market once again reaching its peak, Keiser appears to be foreseeing a significant correction.
Keiser’s Prediction: Bitcoin Surpassing $500,000 Amid Impending Stock Market Decline
A Bitcoin maximalist, Keiser cited a tweet from The Kobeissi Letter, a leading source of commentary on the global capital markets.
The tweet points out that presently, the top 10% of stocks in the market are the most concentrated since the Great Depression – at 75%. It highlights that even during the Dot-com bubble peak in 2001, the concentration was lower, standing at around 72%.
Prior to the financial crisis in 2008, the tweet notes, the concentration of the top 10% of stocks exhibited a smaller peak compared to the current situation – approximately 66%. It suggests an impending correction, indicating that, on average, the top 10% of stocks represent 64% of the entire stock market.
Galvanized by these insights, Keiser made a daring forecast that Bitcoin would flourish in the wake of the stock market crash, surging past the $500,000 mark. He anticipates that the stock market crash will mirror the events of 1987.
Keiser also believes that the U.S. government will seize Bitcoin within the U.S., including from spot ETFs that have been in operation since Jan. 11 and from local miners. He foresees that Bitcoin will continue to outperform gold, leading to a shift of funds from gold into Bitcoin. Keiser asserts that Bitcoin is undermining the value of gold, noting that investors have already begun transferring funds from gold ETFs to spot Bitcoin ETFs.
Michael Saylor Boosts His Bitcoin Investment
Earlier this week, Michael Saylor, the founder of MicroStrategy, reiterated his significant Bitcoin wager in contrast to gold.
He underscored that the primary cryptocurrency has surged by about 333% since August 2020, when MictoStrategy began regular Bitcoin acquisitions, whereas gold declined by 1%.