By CCN: U.S. financial news and opinion broadcaster Max Keiser is a textbook hodler. For the host of the Keiser Report on RT to dispose of the bitcoin he has been accumulating since 2011, his price target of $100,000 will have to be achieved first.
The Fed Triggered This Bitcoin Rally
Speaking to Kitco News, Keiser said that since acquiring his first bitcoin eight years ago, he had not sold any of it. According to the broadcaster, this is “because my price target is $100,000 and beyond.”
This is not the first time Keiser has stated that bitcoin will reach $100,000. In his view, this price target will be realized as bitcoin transitions from being a “store-of-value commodity thing to a medium of exchange to a unit of account.”
Regarding bitcoin’s recent rally, Keiser explained that it was triggered by the U.S. Federal Reserve signaling more quantitative easing.
This, according to Keiser, was a message that the Fed had not learned from its past mistakes. It would, therefore, would print more dollars without any “accountability,” further debasing the reserve fiat currency.
As a result of the Fed’s intent, wealthy investors sought refuge in bitcoin, igniting the crypto market’s meteoric ascent.
The financial news and opinion broadcaster also suggested that the recent #DropGold campaign by Grayscale Investments may have contributed to bitcoin’s recent price rally. Gold now faces competition, according to Keiser.
— Grayscale (@GrayscaleInvest) May 15, 2019
Despite his anti-gold stance, Keiser disclosed that “I own a lot of gold.” He also owns silver which he estimates to be in the range of around 35,000 ounces.
Keiser, incidentally, downplayed the role of the Chinese in driving the price of the cryptocurrency up. Recently, some analysts hypothesized that as a result of the U.S.-China trade war, Chinese citizens have been turning to bitcoin to get their money out of China.
Keiser’s a Bitcoin Maximalist Through and Through
Asked whether he was invested in other cryptocurrencies, Keiser revealed he was a bitcoin purist. According to Keiser, altcoins don’t possess any unique feature that is not found in bitcoin:
“There is nothing those coins can do that bitcoin can’t do now or will be able to do soon.”
In the future, Keiser predicted that bitcoin would continue to reign supreme. Already, according to the broadcaster, the flagship cryptocurrency is “cannibalizing those coins, it’s eating their lunch.”
The broadcaster’s interest in the cryptocurrency started after a guest on his show, Jon Matonis, told him about it. That was back in May 2011 (video below; interview starts at 13:00). In the 1990s Keiser had also experimented with a virtual currency known as Hollywood Dollar.
It’s Wall Street’s Turn to Succumb to FOMO
Among the factors that Keiser believes will drive the price of bitcoin higher is growing institutional interest.
“Bitcoin is making the institutional play now, and there is going to be a mass fear of missing out… or FOMO is going to jump to the institutional level and they have got the big bucks, and now we are going to see some big moves.”
While stating that bitcoin was making cross-border transactions cheaper and more efficient, Keiser also indicated that this was a threat to nation-states as they are currently constituted. He predicted that politicians would not be able to stop this, as it is impossible to regulate cryptocurrencies.
Regarding the recent call by U.S. Rep. Brad Sherman to “shut down cryptocurrencies because it is interfering with the dollar being the hegemonic force in the world,” Keiser had four words for the Californian: “huge advertisement for bitcoin.”