Max Keiser, a well known figure from Russia Today, and a vocal supporter of Bitcoin and cryptocurrencies for some time now, has said that he still strongly believes that Bitcoin will go past $100,000.
Part of his reasoning behind this has to do with the institutionalized drive which is slowly picking up pace and that those institutions that are not getting onboard in the early stages will soon have ‘Fomo’ (Fear of Missing Out).
This Fomo will be a big driver for the Bitcoin price as huge sums of money flock to the Bitcoin space and drive up the demand for the already limited digital currency. He also added that the recent low seen in December, of $3,200, will be the ultimate bottom and probably never seen again.
Keiser is famed for his evangelical thoughts on Bitcoin and has said before that he bought the cryptocurrency when it was worth mere dollar and has still not sold it. The RT News man believes that hunger for a store-of-value asset is growing as the world continues to de-dollarize, and investors seek out alternate ways to protect their wealth.
“He also argues that gold is too manipulated for many despite those same concerns being level at cryptocurrency. For the RT News presenter, this will ultimately lead to greater demand for Bitcoin:
“To capture a piece of the gold market, you’re talking $60-, $70-, $80-, $100,000 a Bitcoin. I have not sold any Bitcoin because my price target is $100,000 and beyond,” he said.
Becoming a useful store of value
For Keiser, the value of the digital currency is not so much in transferring value and using it as a functioning currency, he sees it more as a store of value and that if it can prove this and the market capitalisation continues to grow as he expects it to, Bitcoin will become more useful.
However, he does add that if bitcoin can attract those who have Fomo, and the price can push towards $100,000, then its function as a currency will be reignited. Bitcoin at that price will be far less susceptible to volatility and this in turn will make it a usable as a medium of exchange.
Evidence of enterprise adoption
There has been a clear and obvious shift in the approach from major institutions and enterprise businesses when it comes to Bitcoin and blockchain as an underlying technology. There are more and more reported instances of big corporations exploring and expanding the blockchain space while others find uses for currency decentralised cryptocurrencies as well as their own chains.
This is bound to create more traction, especially with a rising price, and with that increase in use cases, the Fomo that Kieser talks of is sure to escalate.