Cryptocurrency

Max Keiser predicts $50K Bitcoin price will convert skeptics

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Bitcoin advocate Max Keiser says a Bitcoin price of US$50,000 [AUS$72,000] will turn some notable BTC critics into believers.

Keiser took to Twitter to air his opinion, singling out Mark Cuban, Peter Schiff, and Jim Rogers regarding the Bitcoin price.

Changing attitudes with stellar Bitcoin price

Max Keiser said the attitudes of the three Bitcoin critics actually represent a “huge pent-up” buying demand for the world’s number one cryptocurrency. He maintains that once the critics truly understand the structure of BTC, they’ll change their tune and become major advocates.

The Bitcoin price point of US$50,000 is the target that Keiser says is necessary to get Peter Schiff, a noted gold advocate, to finally embrace cryptocurrency. It is interesting to note that many of Keiser’s followers have a different opinion.

Keiser ran a poll asking at which price point would Schiff go into full-blown panic buying mode in regards to Bitcoin. 19.7% agreed with Keiser’s number of $50,000, but that was the lowest ranking choice.

24% chose US$200,000 [AUS$290,000] while 27.7% went with US$100,000 [AUS$145,000]. The number one choice was US$25,000 [AUS$36,000] with 28.6% of the vote.

The $25,000 choice is definitely optimistic. Back in March, Peter Schiff tweeted, “Only fools are choosing Bitcoin. So far this year gold is up over 7%, while Bitcoin is down 3%. Gold is only 2% from its 2020 high, while Bitcoin is 35% below its 2020 high!”

Other naysayers

Jim Rogers, the co-founder of the Quantum Fund and Soros Fund Management, is no fan of Bitcoin. He recently said, as quoted by Japan’s Aera dot, “I believe that the virtual currency represented by bitcoin will decline and eventually become zero. This is a clear bubble and I don’t know the right price. Virtual currency is not an investment target. It’s just gambling.”

As for Mark Cuban, he has famously said he would prefer to have bananas over Bitcoin, per Forbes. He maintains he would only be interested in cryptocurrency if it were incredibly easy to understand and use, as well as it not having to be converted into fiat for everyday spending.

It should be noted that Cuban isn’t totally a foe of Bitcoin. The actions taken by the Federal Reserve and U.S. Treasury in regards to the coronavirus pandemic could help BTC. The media outlet quotes him saying, “To bitcoin’s potential benefit, if everything goes [wrong] because we’re printing so much money and there’s global implications, bitcoin has something to deal with and if we don’t, bitcoin’s got nothing,”

So far, we are a long way off from a Bitcoin price of US$50,000. BTC is currently trading at US$9,101 [AUS$13,321].

Images courtesy of  Stacy Herbert, Gage Skidmore/Wikimedia Commons

Jeff Francis

Jeff has taken a roundabout way to becoming a cryptocurrency writer. He has always had a huge interest in history, which led to him receiving a degree in medieval history. He once thought of becoming a teacher but eventually joined some friends in opening a hobby shop. Jeff eventually took over sole proprietorship of the business and ran it for over 10 years. He then moved on to online selling and then into gaming journalism. He has spent the last 10 years writing professionally for various websites as well as creating content for many businesses. A few years back, he began hearing about Bitcoin and the rise of other cryptocurrencies. A proponent of allowing people to take economic power into their own hands, Jeff has enthusiastically supported cryptocurrencies, not to mention the many benefits of blockchain technology. This interest propelled him to becoming a writer for, and later editor of, several cryptocurrency-focused websites. Jeff is a lifelong geek and gamer. He tries to keep up with the slew of TV shows and movies that fall into the fantasy/sci-fi/superhero genres, and he still plays pen-and-paper role-playing games on the weekends. He lives in Florida, USA, as he cannot stand cold weather.

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