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Bitcoin proponent Max Kaiser still believes that Bitcoin (BTC) will hit $220,000 this year.
In a new interview with Stansberry Research’s Daniela Cambone, Keizer explained why his six-figure forecast for the flagship cryptocurrency didn’t materialize in 2021.
As for 2021, I said that we will get to $220,000 per coin, which is a typical four-year cycle. What we had in 2021 was a massive mining collapse in China, hash rate dropped by 50%.
Since then, we have recovered and are about to reach a new all-time hash rate. That’s why I’m moving my $220,000 goal from 2021 to 2022.
In his opinion, the price of BTC will skyrocket as soon as the network hashrate hits new highs.
There is a price, there is a hashrate and there is a difficulty setting – these are the three things you should keep in mind. I have always said that the price is lagging behind the hashrate, so as soon as we see its new all-time highs, new all-time highs in the price of bitcoin will follow.
According to the expert, the recent price movements of bitcoin may be associated with the derivatives market, and further weakening of fiat currencies will be a catalyst for the growth of BTC. He predicts that bitcoin will surpass the market cap of gold as it becomes the preferred store of value.
Some of the derivatives affect the opening of the price in bitcoins. Ultimately, it doesn’t matter, because the demand for bitcoin is practically endless, because fiat money, as always, will zero out. All fiat money is zeroing out, and we will see this with the US dollar too…
If you listen to guys like Bill Miller or Paul Tudor Jones or any other big hedge fund owner, they openly say that bitcoin is competing with gold. He will get a share of the gold market. The market share of gold is about $8.910 trillion.
At some point, bitcoin will eclipse this market capitalization. All fundamentals are very strong, so I’m just moving my $220,000 targets from 2021 to 2022
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