Bitcoin price: 'Next target $35,000' after 170% rise in 2020 says cryptocurrency pioneer

Bitcoin pioneer Mr Keiser recently tweeted: "$28,000 bitcoin confirmed. Next short term target $35,000." This was followed by a suggestion that money printing by central banks, particularly the US Federal Reserve, was driving the price of bitcoin higher.

Mr Keiser tweeted: "The price of bitcoin has no ceiling because the amount of US dollars that will be printed has no limit".

The and purchasing power of fiat currencies decreasing over time.

This value depreciation is accelerating and causing wary investors to exchange cash for stores of value such as gold and bitcoin.

Many institutional investors are following the path of hedge fund managers Paul Tudor Jones, Stan Druckenmiller, and entrepreneur Michael Saylor by shifting to bitcoin as an alternative store of value to gold.

Speaking of the fragile confidence in the future purchasing power of fiat currency Michael Saylor tweeted: "It is impossible to properly pursue your corporate mission if you are investing your capital in a currency that is collapsing in value."

Speaking on the Investor's Podcast Network Mr Saylor posed the question of how to preserve the value of a person's individual treasury over time.

He spoke about the inflation of desirable assets being much higher than the consumer price index for inflation rates used by central banks.

He spoke of scare assets that are going to continue to appreciate.

READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies

He added that the rational thing is to buy bitcoin rather than property.

However, the consumer price index calculations showed inflation in the US is running below the Federal Reserve’s 2 percent target.

Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania said: “Inflation will remain low in the near term.

"There are still huge swathes of excess capacity in many parts of the economy.

"Unemployment elevated, wage pressures are limited.”

Speaking to bitcoin pioneer Max Keiser described the current trend of influential money managers choosing bitcoin as a store of value.

Mr Keiser added: "Every time a smart hedge fund guy puts aside their ideologies and dogma and takes a close look at bitcoin, and sees it for what it really is, a superior version of gold, they start buying."

Post a Comment