Bitcoin proponent and El Salvador President Nayib Bukele’s digital assets advisor, Max Keiser, has recently made bold predictions on the bitcoin price.
In a tweet shared on his X account, Keiser stated that bitcoin will experience an explosive rise to reach $220,000 in the short term. Notably, he has not provided a specific timeframe for the anticipated surge in bitcoin’s value. This statement was prompted by a CNBC article about the ongoing market downturn, driven by concerns surrounding the economy and inflation.
Bitcoin is a Hedge Against Inflation: Max Keiser
In a subsequent tweet, Keiser reiterated his bold prediction that bitcoin would ultimately reach a staggering $220,000. He believes that central banks would engage in extensive money printing, an action he likened to creating a “wall of money” visible even from outer space. As a result, people will seek refuge in Bitcoin as a hedge against the growing specter of inflation, according to him.
Keiser particularly drew attention to the erosion of the US dollar’s purchasing power “at a very rapid pace.” He illustrated this point by referencing a personal experience where he spent $84 on an “ordinary hamburger,” comparing it with a time when $100 for the same meal would have seemed comical.
Keiser has always maintained an optimistic stance on Bitcoin, calling it the “currency of the resistance” and the “biggest story of the decade” in 2011. Furthermore, he consistently contended that a financial crisis would be the catalyst for a significant surge in the BTC price. He has also stated previously that Bitcoin’s adoption and value would soar in tandem with the collapse of traditional banking institutions.
Related reading: Bitcoin Adoption Will Surge as Trust in Fiat Falters Worldwide
Related reading: Michael Saylor Says Bitcoin is a Shield Against Inflation
Analysts Predict Bitcoin Price
With his latest optimistic statements, Keiser joined the list of analysts who have recently come out optimistic about bitcoin’s price. In an interview last week, former BitMex CEO Arthur Hayes also expressed a bullish approach to bitcoin price growth. He predicted a remarkable valuation of $750,000 to $1 million for BTC by 2026. However, Hayes believes that BTC will reach $70,000 in the short term (by 2024).
Bitcoin vs. Inflation
There’s a divide in views on how rising inflation would affect Bitcoin. While Bitcoin bulls like Keiser and Hayes see massive growth, crypto analyst Nicholas Merten believes it could be troublesome.
Merten argues that the Federal Reserve should continue raising interest rates to counter inflation, driven by excessive money printing. On a similar note, Bloomberg’s Mike McGlone cautions that rising rates could potentially lead to a further Bitcoin price decline.