November 28, 2017
Bitcoin is a perfect currency, Beyond the reach of any nation-state or cooperative effort to defeat it - Max Keiser
By Ashour Iesho - November 27, 2017 (bitcoinist.com)
Although many experts still believe that Bitcoin, and the cryptocurrency market as a whole, may be in a bubble state, Max Keiser believes that Bitcoin still has room to grow.
Bitcoin is making headlines – again – as it continues to shatter milestone after milestone. Most recently, the popular digital currency passed the $9000 mark and is quickly edging toward $10,000. According to a recent article by RT, well-known American TV broadcaster Max Keiser believes that Bitcoin still has the potential to climb as high as $25,000 before having a correction.
"Up until that price is achieved it looks like we’ll see a pretty strong upward move".
He also believes that the huge inflation rate of major fiat currencies like the US dollar is causing Bitcoin to rapidly rise.
"I think we are seeing fiat currencies in a hyperinflationary collapse against bitcoin".
Keiser posits that one of the reasons behind Bitcoin’s price surge is because it is the perfect alternative to traditional financial systems that are used by banks and other financial institutions:
"Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting banksters and the central banks out of business".
Many banks have expressed their desire to work with blockchain technology, but most of them are not yet open to Bitcoin and other cryptocurrencies. The reason behind their reluctance is the fact that banks cannot regulate – and therefore cannot control – the popular decentralized cryptocurrency.
Another interesting use case for Bitcoin is bypassing government controls and sanctions. Since many countries around the world are currently under financial sanctions, Bitcoin is an easy and efficient way for them to surpass these restrictions. Max Keiser thinks that the fact that governments can’t stop Bitcoin, is giving it immensely value and trust.
"That’s something that no central bank or country will be able to stop, and it’s becoming a real scenario, a real threat".
An interesting remark that Keiser made in the article, is that Bitcoin might become a “financial black hole” where people are rushing to sell stocks and bonds and transfer that money into the decentralized cryptocurrency. If that happens, there is the very real possibility of a stock market or bond market crash, perhaps even both.
Images courtesy of Shutterstock, Pixabay, Wikimedia Commons.
November 26, 2017
By Gareth Jenkinson - November 26, 2017 (cointelegraph.com)
As Bitcoin powered ahead to a new high for a second week in a row, some have speculated that institutional investors could seek safe haven in the virtual currency in the future. The prevailing rhetoric over the past month has been more affirming than damning of cryptocurrencies, with the likes of Ronnie Moas and Max Keiser predicting new highs in 2018. Speaking to RT, eToro analyst Mikhail Mashchenko says financial institutions could look to Bitcoin if a major financial crash hits global markets.
“The demand for Bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance.”
Second-oldest bull market
The current bull market in stocks is the second-longest in history, according to Fortune, having lasted 104 months so far. The longest bull market in history ended in 2000 after an impressive 113 month run. With the current rally getting a bit long in the tooth, many on Wall Street are making contingency plans for the stock market’s inevitable turn. If Mashchenko is right, Bitcoin will have a role in some of these plans.
Mashchenko’s statements come on the back of changing sentiment in the mainstream financial sector. Last week, JP Morgan Chase announced plans to offer Bitcoin futures on the Chicago Mercantile Exchange - an important move by one of the biggest banking and financial services providers in America. Even more satisfying, this moves comes only months after Chase CEO Jamie Dimon condemned Bitcoin as a scam.
Online banking service providers and exchange operators LedgerX and Revolut are also adopting Bitcoin support. The former was recently cleared to offer Bitcoin derivatives as people look to do more than just trade the cryptocurrency.
“LedgerX launched its first long-term options for Bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of Bitcoin: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency in the near future.”
If and when a stream of institutional investors start investing large amounts of capital into cryptocurrencies, some of the stunning predictions made by Bitcoin bulls could well be realised. However, Mashchenko’s prediction was quite conservative, suggesting that Bitcoin reaching a $10,000 high by the end of 2017 would be driven by emotion rather than fundamentals:
“We could see a Bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria.”
November 23, 2017
By Rebecca Campbell - November 23, 2017 (www.cryptocoinsnews.com)
Max Keiser has said that bitcoin will increase to $100,000 from its current $8,000 value and believes that bitcoin cash is plagiarising it.
Host of Russia Today’s ‘Keiser Report,’ Keiser recently spoke to RT with the advice of sticking with the cryptocurrency as it will continue to dominate the market, pushing it forward.
"Hundreds of obituaries have been written about bitcoin and none of them have come true and none will. Fact is, bitcoin is a gift from God to help humanity sort out the mess it has made with its money".
The number one cryptocurrency has risen in recent months spurred on by the announcement that the CME Group are planning to launch a bitcoin futures contracts in mid-December, pending regulatory approval. Just yesterday, it was reported that bitcoin had risen to a new all-time high of $8,380, after recovering from the post-Tether hack market volatility.
Remaining confident as to where the digital currency is heading, Keiser believes that it will hit $100,000. However, even though the combined market value is increasing he believes most of the trading will remain within the top 20 alt-coins.
"Ninety percent of trading is in the top 20 coins, and that will continue. Coins will come and go. The composition of the top 20 will change less frequently".
While he states that trading within the top 20 coins is unlikely to change much in the future, he doesn’t have good things to say about bitcoin cash, the third ranked cryptocurrency. According to Keiser, the alt-coin is simply copying bitcoin, stating that:
"Bitcoin cash is an alt-coin that has its fans just like many alt-coins. I don’t think anyone who uses bitcoin’s name and applies it to an alt-coin like bitcoin cash does is adhering to acceptable business practices. In other words, bitcoin’s brand is being stolen by a competitor that calls itself bitcoin cash and this is outright fraud in my opinion, just like it’s fraudulent to use Coca-Cola and Nike’s name to sell soft drinks or shoes".
Created at the beginning of August, bitcoin cash has been marketed as the digital currency alternative to bitcoin and the answer to bitcoin’s current scaling issues. Despite a lack of support during its early days, with its price remaining below that of $1,000, recent weeks has seen it reach new all-time highs. Since last week, bitcoin cash has risen from $800 to $2,900 and is currently trading at $1,491, according to CoinMarketCap.
Yet, despite its fluctuating price, bitcoin cash proponents Roger Ver and Calvin Ayre have proclaimed that ‘bitcoin cash is bitcoin.’
Featured image from Shutterstock.
October 30, 2017
By Josiah Wilmoth - October 30, 2017 (www.cryptocoinsnews.com)
The bitcoin price tested its all-time high on Monday, leading one prominent bitcoin bull to assert that it will have no difficulty reaching $10,000 within the near future.
Bitcoin Price Reaches New All-Time High
Sunday evening, the bitcoin price surged from $5,660 to an all-time high of $6,345 on Bitfinex, the highest-volume bitcoin exchange. Although it has since experienced a $300 taper, the bitcoin price continued to trade above $6,000 on Monday.
|Bitcoin Price Chart | Source: BitcoinWisdom|
As CCN reported, there are a variety of factors contributing to this surge. In Asia, traders are bullish about South Korea’s decision to regulate bitcoin as a commodity, which many believe will enable the market to continue to grow at a healthy pace. There is also speculation that China will ease restrictions on bitcoin exchanges now that President Xi Jinping has secured his position as head of the Communist Party of China for the foreseeable future.
In the U.S., meanwhile, analysts anticipate that the Securities and Exchange Commission (SEC) will soon grant their approval to the first exchange-traded fund (ETF) that tracks the price of bitcoin. Bitcoin ETFs, coupled with the recent launch of LedgerX’s regulated derivatives platform, are expected to initiate a wave of Wall Street investment in the crypto economy.
No Difficulty Reaching $10,000
Commenting on these developments, along with bitcoin’s swelling user base, RT host and longtime bitcoin bull Max Keiser predicts that the bitcoin price will reach $10,000 within the near future. “Hello $10,000!,” he wrote on Twitter.
Keiser added– as he often reminds his followers — that he set a $100,000 bitcoin price target in 2011, when it was trading at just $3. “Anyone who thinks Bitcoin will have any difficulty breaking $10,000 has not been paying attention,” he concludes.
Of course, bitcoin must pass at least one significant test before it can cross the five-figure threshold. The looming SegWit2x hard fork — which is now just two weeks away — continues to pose a significant threat to the short-term trajectory of the bitcoin price. This contentious hard fork — if activated — will cause significant confusion, particularly for newer users, and may lead to wild fluctuations in the bitcoin price, especially if neither of the two blockchains quickly emerges as the clear victor in the struggle for the “Bitcoin” brand.
Nevertheless, Keiser’s bullishness is true to form — and has served him well in the past. Earlier this year, Keiser celebrated bitcoin’s then-record level of $3,000 by declaring that $5,000 was “in sight”. Many scoffed at this prediction, which came at a time when a blockchain split appeared like an increasing possibility. A split came, in the form of Bitcoin Cash, but the bitcoin price shrugged off the fork and punched through $5,000 anyway, confirming Keiser’s forecast. Now, just five months later, Keiser remains confident that bitcoin will to prove resilient in the face of a blockchain split once again.
Featured image from Shutterstock.
Posted by Josiah Wilmoth
Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at firstname.lastname@example.org.