Bitcoin Price: El Salvador Crypto Advisor Predicts Explosive Rise To $220,000
October 07 2023 - 4:30AM
NEWSBTC
In a recent development, Bitcoin proponent and crypto advisor to El
Salvador’s President Max Keiser has made a future prediction for
the Bitcoin price, joining the ranks of analysts who have made bold
assertions about the flagship cryptocurrency’s trajectory.
Keiser Says Bitcoin Price To $220,000 In a tweet shared on his X
(formerly Twitter) platform, Keiser stated that the Bitcoin price
will experience an explosive rise to $220,000 in the short term.
However, he didn’t specify how soon the crypto token would see such
a rally. He made this assertion in response to a CNBC article about
the current decline in the financial market amid economic and
inflation concerns. Related Reading: 39-Month Cycle Says XRP Price
Is Poised For Breakout To $1,000, Here’s When In a subsequent
tweet, Keiser once again reiterated that Bitcoin would rise to
$220,000 as he claims that “Central banks will print a wall of
money visible from outer space.” His belief seems to stem from the
fact that many will be looking to use Bitcoin as a hedge against
rising inflation. He even alluded to the fact that the US
dollar was losing its purchasing power “at a very rapid pace.” He
gave an instance of how paying $100 for hamburgers years ago looked
like a joke, but he had just spent “$84 for a very ordinary
hamburger.” For the longest time, Keiser has been bullish on
the foremost cryptocurrency. In 2011, he called Bitcoin the
“currency of the resistance” and the “biggest story of the decade.”
Additionally, he always touted a financial collapse as what would
spark a massive rally in the Bitcoin price. Then, he stated that
Bitcoin’s adoption and price will increase as banks collapse.
Arthur Hayes, the co-founder of BitMEX, also shares similar
sentiments with Keiser. He recently stated that the government
would likely resort to money printing to save the bond market,
which could lead to a meteoric rise in Bitcoin’s price and other
cryptocurrencies. BTC bulls struggle to maintain control |
Source: BTCUSD on Tradingview.com Is Inflation Good Or Bad For
Crypto? There seem to be divergent views on how rising inflation
could affect Bitcoin and the crypto market by extension. While
people like Keiser and Hayes see rising inflation as bullish for
Bitcoin, others like Crypto analyst Nicholas Merten believe that
inflation could spell more trouble for Bitcoin’s price.
Related Reading: Ripple Vs. SEC: Crypto CEO Predicts SEC Will Drop
Charges Against Executives According to Merten, the Federal Reserve
needs to keep hiking interest rates to bring down the inflation
rate as there is excess money in the system due to the “excess
printing of money.” Meanwhile, Bloomberg analyst Mike McGlone
warned that the rising interest rates could cause a further decline
in the Bitcoin price. There also seems to be a correlation
between the stock and crypto markets. As such, it doesn’t seem like
Bitcoin and the crypto market exist in isolation, as any financial
crisis could significantly impact it. Featured image from The
Face, chart from Tradingview.com
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