Max Keiser, one of the well-known names in the Bitcoin world, Bitcoin (BTC) updated their 2022 forecasts for According to Keiser, BTC will reach $220,000 this year!
Speaking in a new interview with Daniela Cambone of Stansberry Research, Keiser talked about why her six-figure prediction for the flagship cryptocurrency didn’t come true in 2021.
“I said by 2021 we will hit $220,000 per BTC, which is a typical four-year cycle. What we had in 2021 was a massive Chinese collapse in mining, hashing. Mining and hash rate decreased by 50%. We’ve since managed to pick it up and we’re about to hit an all-time high hash rate. So I continue to push my target of $220,000 from 2021 to 2022.”
Bitcoin bull as the network’s hashrate reaches new highs BTC priceHe thinks he’s going to fly.
“There is the price, there is the hash rate, and there is the difficulty setting. These are three things you should keep in mind. I’ve always said that price comes after hash rate, hash rate comes before price, so we’re going to see hash rate all-time highs and then Bitcoin price all-time highs.”
According to the Keiser Report by the RT host, some of Bitcoin’s recent price movements may be tied to the derivatives market, but weakening fiat currencies will ultimately dominate as a catalyst to push BTC higher. He predicts that Bitcoin will eclipse the market cap of gold as it becomes a preferred store of value assets.
“Recent price action is mostly driven by derivatives, the same kind of price discovery you see in the gold market where gold has been holding steady for 10 years and hasn’t really changed at all.
Some derivatives have an impact on price discovery in Bitcoin. This ultimately doesn’t matter because the demand for Bitcoin is almost endless because a fiat currency will go to zero as it always does. All fiat is going to zero and we will see it in US dollars too…
If you listen to people like Bill Miller or Paul Tudor Jones, or any of the other big hedge funds out there, you’ll see them saying now that Bitcoin is clearly competing with gold. Gold will take market share. The market share of gold is about 8-10 trillion dollars. Bitcoin will outshine this market cap at some point. All the fundamentals are very strong, so I am increasing my targets of $220,000 from 2021 to 2022.”
At the time of writing, BTC is trading at $42,926.
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