Stock Market Slump Could See Bitcoin Price 'Make New All-Time High'

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Cryptocurrency inventor, fund partner and advocate Max Keiser is predicting new all-time Bitcoin price highs as the stock market tumbled again this week.

BITCOIN TO ‘NEW ALL-TIME HIGH’ AS STOCK MARKET SLUMPS

A drop in share prices for both Goldman Sachs and Apple has equated to an approximately 160-point loss for the Dow Jones November 12, leading Keiser to suggest the index could collapse to below the significant 10,000 barrier in future.

“10 (years) of cash transfusions from central banks – masking the globe’s economic death in 2008 – hasn’t worked,” he wrote on Twitter.

“Dow 10,000 here we come. (Bitcoin) will make new (all-time high).”

Max Keiser, tweet artist
@maxkeiser
 10 yrs of cash transfusions from central banks - masking the globe’s economic death in 2008 - hasn’t worked. Dow 10,000 here we come. #Bitcoin will make new ATH.

The Dow last saw 10,000 during the banking crisis a decade ago, having hovered around 25,000 for most of 2018.

ANTICIPATION OF CRYPTO AWAKENING GROWS

While Keiser like many other well-known commentators has long heralded a return to form for Bitcoin price $6363.47 +0.1%, cryptocurrency markets have yet to signal their bear market is over this year.

As Bitcoinist has frequently reported in recent months, the anticipation of institutional investor money buoying sideways prices continues to run high. Major crypto assets themselves, however, continue to trend slowly downwards.

Big money remains faithful to the optimistic narrative on Bitcoin, however. Last week, billionaire investor Tim Draper took to the stage at Europe’s largest fintech conference Summit 2018 to double down on his prediction the largest cryptocurrency would hit $250,000 per unit by 2023 at the latest.

He was joined by Blockchain wallet CEO Peter Smith and Managing Capital co-founder Garry Tan. While both stopped short of endorsing the quarter-million figure, there appeared to be unanimous agreement that Bitcoin would be worth more in USD terms by this time next year.

“…My prediction for $250,000 by 2022 – maybe 2023 but in that range – is absolutely solid, but I’m not so sure how we’re going to get there,” Draper said.


Source: BITCOINIST