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Wall Street veteran Max Keiser says money printing and dollar debasement is boosting the rise of Bitcoin.
Keiser, who is an early BTC investor, says the digital asset’s parabolic ascent could ultimately take the Bitcoin price to about the $2 million mark.
In a new edition of RT’s Keiser Report, the longtime Bitcoin bull says he expects actions from US regulators to continue to inadvertently make the case for BTC, which has a hard supply cap of 21 million coins.
“The reason why Bitcoin is skyrocketing is because there’s hyperinflation in America. And the US dollar is in a hyperinflationary collapse against Bitcoin. And the solution, as we’ve been describing by these policymakers, will always be to print more money. So that means that Bitcoin is on a one-way trip higher because they have no other policy solution than to print money.”
He points to the 2008 financial crisis as the start of a spiral that brought forth and continues to fuel Bitcoin’s ascent.
“They’re just going to keep printing. And well, you know, my Bitcoin is up 9,000,000% since I first bought it. And it’s probably going to go up another 40x.”
On Tesla’s $1.5 billion investment in Bitcoin last month, Keiser says it amounts to the electric carmaker’s CEO Elon Musk going to war with the Federal Reserve.
“This is a speculative attack that Elon Musk is making on the Fed, right. So he’s already gone to war with the SEC. He’s already gone to war with the SEC (U.S. Securities and Exchange Commission) and he’s shown them to be venal and captured. Now he’s gone to war with the Federal Reserve, and says I’m not going to buy back my own stock; I’m going to take your cheap money, I’m going to buy Bitcoin like Michael Saylor is doing. And now 500 other CEOs in the S&P 500 are like, ‘You know what? That’s a darn good idea.’”
They’ve made more on their Tesla investment in less than six months than they’ve ever made in the entirety on their business of selling cars.”
In other trending Bitcoin News today:
Bitcoin Accelerates Toward $1T Market Cap As BTC Price Hits New All-Time High
Bitcoin (BTC) hit yet another all-time high on Feb. 19 as the largest cryptocurrency set its sights on becoming a trillion-dollar asset.
Holding $50,000 support over the past two days, Bitcoin was primed for further gains in the short term, analysts believed, with one area in particular capturing hodlers’ imagination.
At around $53,600, Bitcoin’s total market cap will pass $1 trillion for the first time in history.
“It is simple. In the old world your money loses value, because governments debase currencies to fund their warfare & welfare state,” quant analyst PlanB summarized on Friday.
“In the new world bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now.”
Cryptocurrency investment giant Grayscale has added another $87 million to its Bitcoin Trust (GBTC), data confirms.
According to data from on-chain monitoring service Bybt, Feb. 19 saw a 1,672 BTC top-up of Grayscale’s flagship fund, which now contains a total of just over $34 billion.
With the latest buys, Grayscale’s total assets under management (AUM) passed $40 billion for the first time. Second to Bitcoin is the firm’s Ethereum Trust, which contains almost $6 billion of ETH.
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