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Max Kaiser, a Bitcoin maximalist and general Bitcoin advisor to El Salvadoran President Nayib Bukele, has published a tweet reconsidering his ultra-bullish predictions about the future price of the world's largest cryptocurrency.
“Bitcoin will soon be trading above $220,000.”
Kaiser said Bitcoin could soar to an all-time high of $220,000 for a key reason: gold, another safe-haven asset, hit an all-time high of $2,713.88 an ounce for the first time in four years. I tweeted that it was expensive.
The last ATH took a hit in 2020, when the world faced a pandemic and investors started moving into gold to hedge the risks of low interest rates and massive quantitative easing. Ta.
If gold soars to new all-time highs, it seems logical to think that Bitcoin is likely to hit similar highs in the near future. Kaiser believes BTC will eventually (and soon) reach the $220,000 level he has been predicting for the past few years.
In September of this year, the Fed decided to switch its stance from hawkish to dovish as interest rates were cut by 50 basis points. The Fed has indicated that several more rate cuts are likely before the end of 2024.
related
Kaiser bets on Bitcoin, not gold
In a previously published tweet, Max Kaiser said he expected BRICS to announce the launch of a “gold-backed USD killer” at a meeting in Russia next week. In July, the multi-country organization announced its intention to launch a payments system similar to SWIFT in a bid to reduce SWIFT and the US dollar's dominance in global markets.
Their platform did not use the US dollar, as they intended to use blockchain and gold-backed stablecoins based on it to build and run their system.
Many financial experts expected the gold-backed cryptocurrency to be launched in August last year, but that did not happen. Among them was Robert Kiyosaki, author of the popular book on financial management, “Rich Dad, Poor Dad.'' However, Max Kaiser bet on BTC against gold in his tweet, adding, “For every dollar that gold moves, Bitcoin moves $20.''
