Max Keiser, the renowned Bitcoin advocate, has made headlines again, asserting that Bitcoin is poised for a dramatic surge to $220,000. In a recent post on X, Keiser emphasized that Bitcoin’s potential rise is primarily due to its status as a safe haven asset, similar to gold.
“The new price of gold predicts that Bitcoin will exceed $220,000 very soon,” Keiser stated, referring to gold reaching a historic high of $2,700 per ounce on October 18. He highlighted a significant correlation between the two assets, noting that for every $1 movement in gold, Bitcoin typically moves $20. In the past week, gold prices have increased by 2.08%, driven by concerns over geopolitical tensions in the Middle East and Ukraine.
Bitcoin has also seen a notable rise, surging 11% last week and briefly touching a two-month high of $68,377.5 on October 16. Investors are increasingly recognizing the parallels between Bitcoin and gold, both of which are perceived as safe havens that protect against currency fluctuations due to their scarcity.
This is not Keiser’s first bold prediction regarding Bitcoin. Last May, he anticipated that factors such as the adoption of Tether (USDT) and El Salvador’s plans would positively impact Bitcoin’s price, suggesting it could surpass $200,000 if his forecasts come to fruition.
Other notable figures in the cryptocurrency space, including Arthur Hayes, former CEO of BitMEX, have echoed Keiser’s sentiments, attributing Bitcoin’s potential growth to increased money creation in response to global financial events.
As of now, Bitcoin is trading at $68,352, having increased by 0.69% in the last 24 hours. With October 2024 approaching its end, all eyes are on Bitcoin as investors speculate whether it will break its all-time high and reach the ambitious target of $220,000.