Max Keiser Reveals What Could Drive Bitcoin to $220,000

• Max Keiser, a vocal Bitcoin supporter has shared a tweet stating that Bitcoin is likely to skyrocket to $220,000.
• Although there have been some recent declines, Bitcoin’s general trend is positive, market momentum is increasing and the energy is electric.

Max Keiser, advisor to El Salvador’s president, host of The Keiser Report, and a prominent Bitcoin advocate believes that Bitcoin is potentially getting ready for an aggressive vertical ascent to $220,000. Max Keiser told his thousands of followers on X  that the main reason Bitcoin would skyrocket is because it is a safe haven just like gold. 

The price of gold hiked up to $2700 per ounce on October 18th reaching an all-time high. Gold has gone up by 2.08% in the past week and 5% in the past month caused by the worry and fear over wars in the Middle East and Ukraine. Over the past week, Bitcoin experienced an 11% spike briefly touching a two-month high of $68,3775 on October 16.

Keiser Bets Big on Bitcoin, Here’s Why

In the sixteenth annual BRICS summit in 2024, Max Keiser expects an announcement to be made about the launch of a “gold-backed USD killer”. For context, the BRICS summit is an international conference attended by the heads of state of Brazil, China, India, China and South Africa. The organization announced its plans to launch a payment system similar to SWIFT, a banking system that allows one to send and receive electronic payments internationally. 

This launch is mainly an effort by BRICS to reduce the dominance of the US currency and SWIFT in international markets. The US dollar would not be used on that platform since they planned to use blockchain to develop and operate that system and a stablecoin based on it that was backed by gold. This gold-backed cryptocurrency did not launch in August of last year, as many financial experts had predicted. Robert Kiyosaki, the author of the well-known book “Rich Dad Poor Dad” on money management, was one of them. 

Max Keiser gambled on Bitcoin against gold by adding in his tweet that “for every $1 gold moves, Bitcoin moves $20.” Similar to Keiser’s sentiments, investors have noticed parallels between the price swings of gold and Bitcoin in recent years. The main explanation for this resemblance is that, due to their scarcity and lack of correlation with any particular country’s currency, both assets provide investors with a “safe haven” that protects them from the fluctuations of national currencies.

BitMEX founder and former CEO Arthur Hayes also bet on Bitcoin, he recently suggested in a blog post that money creation would fuel the next Bitcoin bull run as a result of the U.S. government’s financial response to the war in the Middle East. Bitcoin’s price has increased by 0.69% in the last 24 hours and is currently trading at $68,352. All eyes are on Bitcoin as October 2024 draws to a close. Would it surpass its ATH and hit $220,000? We will soon

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