In a recent development Bitcoin proponent and crypto advisor to the President of El Salvador Max Keizer has made a future prediction for the Bitcoin price and joined the analysts who have done so bold claims about the trajectory of the flagship cryptocurrency.
Keizer Says Bitcoin Price Up to $220,000
In a tweet Shared on his However, he did not specify how soon the crypto token would appear such a demonstration. He made this statement in response to a question CNBC article about the current downturn in the financial market amid concerns about the economy and inflation.
In a sequel tweetKeizer reiterated that Bitcoin would rise to $220,000, while claiming that “Central banks will print a wall of money visible from space.” His belief seems to stem from the fact that many will want to use Bitcoin as a hedge against rising inflation.
He even did alluded to to the fact that the US dollar was losing its purchasing power “at a very rapid pace.” He gave an example of how years ago paying $100 for burgers seemed like a joke, but he had just spent “$84 for a very ordinary hamburger.”
Keizer has been optimistic about the most important cryptocurrency for a long time. In 2011 he has called Bitcoin, the ‘currency of resistance’ and the ‘biggest story of the decade’. Besides, he always is spoke of a financial collapse as what would cause a massive rally in the Bitcoin price. He then stated that Bitcoin adoption and price will increase if the banks collapse.
Arthur Hayes, the co-founder of BitMEX, also shares similar sentiments with Keizer. He recently declared that the government would likely resort to printing money to save the bond market, which could lead to a rapid rise in the price of Bitcoin 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 differing views on how rising inflation could impact Bitcoin and the crypto market by extension. While people like Keizer and Hayes see rising inflation as bullish for Bitcoin, others like Crypto analyst Nicholas Merten to believe that inflation could spell more trouble for Bitcoin’s price.
According to Merten, the Federal Reserve must keep raising interest rates to bring down inflation because there is excess money in the system due to ‘excessive money printing’. Meanwhile, Bloomberg analyst Mike McGlone warned that rising interest rates could cause a further drop in the Bitcoin price.
There also appears to be a connection between the stock and crypto markets. As such, it does not appear that Bitcoin and the crypto market exist in isolation as any financial crisis could have a significant impact on it.
Featured image of The Face, chart from Tradingview.com
