Disclaimer: The views expressed by our writers are their own and do not reflect the opinions of U.Today. The financial and market information available on U.Today is provided for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please carry out your own research by consulting financial advisors before making any investment choices. We strive to ensure that all content is accurate at the time of publication; however, certain offers mentioned may no longer be available.
Max Keiser, a Bitcoin advocate and advisor to El Salvador’s president Nayib Bukele regarding Bitcoin matters, has shared a tweet revisiting his highly optimistic forecast for the future value of the leading cryptocurrency.
“Bitcoin is set to surpass $220,000 very soon”
Keiser mentioned in his tweet that Bitcoin is expected to rise dramatically, potentially reaching an all-time high of $220,000. This surge is attributed to a significant factor – gold has achieved a new peak price of $2,713.88 per ounce for the first time in four years.
The previous highest price was reached in 2020, a time when the global pandemic prompted investors to flock to gold as a protection against low interest rates and extensive quantitative easing measures.
It stands to reason that following gold’s new record high, Bitcoin could follow suit in the very near term. Keiser is confident that BTC will swiftly reach the $220,000 target he has been advocating for over the past few years.
In September of this year, the Federal Reserve shifted its approach from a hawkish to a more dovish stance, reducing interest rates by 50 basis points. The Fed indicated that more interest rate cuts could occur before the end of 2024.
Related
Keiser favors Bitcoin over gold
Previously, in a tweet, Max Keiser expressed his anticipation that BRICS will reveal the introduction of a “gold-backed USD killer” at their upcoming conference in Russia. In July, this group of nations announced plans to develop a payment system akin to SWIFT to diminish the influence of SWIFT and the US dollar in global commerce.
The intention is to utilize blockchain technology for creating and operating this system, including a stablecoin that is gold-backed, thus removing the reliance on the US dollar within that framework.
Many financial analysts had expected the gold-backed cryptocurrency to be launched in August of last year, which did not come to fruition. Robert Kiyosaki, the well-known author of the finance book “Rich Dad Poor Dad,” was among those analysts. Nonetheless, Max Keiser noted in his tweet that “for every $1 gold moves, Bitcoin moves $20,” thereby placing a bet on BTC over gold.
