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According to Max Keiser, no such altseason will happen.
In July 9th’s episode of the Keiser Report, Max said that all of the Bitcoin (BTC) competitors will “be eviscerated” in the future.
“So, all these altcoin posers and government subsidy-welfare bums will be eviscerated by the one true Bitcoin. It’s about time…”
Keiser was referencing documents from the U.S. government showing that a number of cryptocurrency firms received “PPP” loans.
The investor’s latest thoughts on the efficacy of altcoin projects come shortly after he told London Real’s Brian Rose that Bitcoin is unlikely to be usurped by any altcoins.
Keiser said that there is “no coin out there that can do something that BTC doesn’t do already or will be able to do shortly.”
He added in a comment days later that Bitcoin dominance is likely to eventually reach 99% once again.
In addition to his thoughts on altcoins, Keiser also briefly discussed his price outlook for Bitcoin.
The investor said that he thinks the cryptocurrency is on its way to “$100,000 per coin,” which is a more than 900% rally from the current price of $9,200.
He previously told Infowars’ Alex Jones that $100,000 may be too low, citing a new expectation of his that BTC will hit $400,000:
“I am officially raising my target for BTC — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”
Along with other factors, Keiser sees Bitcoin’s scarcity as a leading reason why the asset will appreciate so far in the future.
Commenting on the “PlanB” stock to flow model, which predicts Bitcoin will reach $100,000 by December 2021, Keiser said:
“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.”
The model also predicts that the cryptocurrency will achieve a price close to $1,000,000 by the end of the decade.
In other trending Bitcoin News today:
Bitcoin (BTC) Model Forecasts Ferocious Rally to $70,000, Says Weiss Crypto Ratings
The popular but controversial stock-to-flow (S2F) model now indicates Bitcoin could hit $70,000 by mid-2021, according to two analysts at Weiss Crypto Ratings.
The S2F model compares the amount of commodity in circulation divided by the amount produced every year.
The model is traditionally used to analyze the intrinsic value of precious metals such as gold and silver.
“Although based on a different methodology than the one used by the Weiss Cryptocurrency cycles model, it is widely respected in the crypto world. And it now points to a ferocious rally over the next 12 months or so.”
Gold currently has an S2F of 62 – meaning it would take 62 years of current production to match global above-ground holdings, according to Weiss analysts Bruce Ng and Juan M. Villaverde. Silver comes in at 22, while Bitcoin’s S2F score is 56, meaning BTC may be poised to rival gold as a safe-haven investment.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/hold-more-gold-than-bitcoin-says-btc-bull-mike-novogratz