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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Vocal Bitcoin advocate and financial journalist Max Keiser has published an ultra-bullish post about Bitcoin, predicting that the BTC price is likely to “soar past $500,000.”
Keiser believes this is possible since he also predicts a major crash for the U. S. stock market not seen since the end of the 1980s. Keiser seems to be expecting a massive stock correction as the market has again reached its peak.
Bitcoin maximalist Keiser quoted a tweet published by The Kobeissi Letter, an industry-leading commentary on the global capital markets.
The tweet in question states that now the top 10% of stocks on the market are the most concentrated since the Great Depression – 75%. The Kobeissi Letter points out that even in 2001, with the Dot-com bubble peak, the concentration was lower, comprising approximately 72%.
Before the financial crisis in 2008, the tweet notes, the concentration of the top 10% of stocks showed a smaller peak compared to what can be observed now – roughly 66%. “On average, the top 10% of stocks reflect 64% of the entire stock market,” the tweet says, suggesting that a correction may be coming.
Based on this, Keiser made a bold prediction that Bitcoin will profit from this stock market crash by soaring past $500,000. He expects the stock market to crash similar to the way it did in 1987.
Bitcoin in the U. S. will be confiscated by the U.S. government, Keiser believes, both from spot ETFs that have been trading since Jan. 11 and from local miners as well. Gold will continue to lose value against Bitcoin and funds will be go from gold into Bitcoin. A few days ago, Keiser already shared that investors had started to withdraw money from gold ETFs and send it to spot Bitcoin ETFs – thus, Bitcoin is demonetizing gold, Keiser emphasizes.
Earlier this week, founder of MicroStrategy Michael Saylor doubled down on his Bitcoin bet against gold.
He reminded the cryptocurrency community that the leading crypto has surged by approximately 333% since August 2020, when MictoStrategy began to buy Bitcoin regularly. Gold dropped 1%.