In a recent development, Bitcoin proponent and crypto advisor to El Salvador's President Max Keiser has made a future prediction for the Bitcoin price, joining the ranks of analysts who have made bold assertions about the flagship cryptocurrency's trajectory.
Keiser Says Bitcoin Price To $220,000
In a tweet shared on his X (formerly Twitter) platform, Keiser stated that the Bitcoin price will experience an explosive rise to $220,000 in the short term. However, he didn't specify how soon the crypto token would see such a rally. He made this assertion in response to a CNBC article about the current decline in the financial market amid economic and inflation concerns.
In a subsequent tweet, Keiser once again reiterated that Bitcoin would rise to $220,000 as he claims that "Central banks will print a wall of money visible from outer space." His belief seems to stem from the fact that many will be looking to use Bitcoin as a hedge against rising inflation.
He even alluded to the fact that the US dollar was losing its purchasing power "at a very rapid pace." He gave an instance of how paying $100 for hamburgers years ago looked like a joke, but he had just spent "$84 for a very ordinary hamburger."
For the longest time, Keiser has been bullish on the foremost cryptocurrency. In 2011, he called Bitcoin the "currency of the resistance" and the "biggest story of the decade." Additionally, he always touted a financial collapse as what would spark a massive rally in the Bitcoin price. Then, he stated that Bitcoin's adoption and price will increase as banks collapse.
Arthur Hayes, the co-founder of BitMEX, also shares similar sentiments with Keiser. He recently stated that the government would likely resort to money printing to save the bond market, which could lead to a meteoric rise in Bitcoin's price and other cryptocurrencies.
BTC bulls struggle to maintain control | Source: BTCUSD on Tradingview.com
Is Inflation Good Or Bad For Crypto?
There seem to be divergent views on how rising inflation could affect Bitcoin and the crypto market by extension. While people like Keiser and Hayes see rising inflation as bullish for Bitcoin, others like Crypto analyst Nicholas Merten believe that inflation could spell more trouble for Bitcoin's price.
According to Merten, the Federal Reserve needs to keep hiking interest rates to bring down the inflation rate as there is excess money in the system due to the "excess printing of money." Meanwhile, Bloomberg analyst Mike McGlone warned that the rising interest rates could cause a further decline in the Bitcoin price.
There also seems to be a correlation between the stock and crypto markets. As such, it doesn't seem like Bitcoin and the crypto market exist in isolation, as any financial crisis could significantly impact it.
Featured image from The Face, chart from Tradingview.com
Source: NewsBTC.com
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