Pro-Bitcoin advocate Max Keiser has predicted that the highest valued cryptocurrency has the potential of reaching a $220,000 threshold this year. His prediction is coming when the cryptocurrency market is witnessing a massive sell-off as prices hit rock bottom.
Keiser Has Made Similar Forecasts In The Past
This will not be the first time the crypto enthusiast has forecasted such lofty growth for Bitcoin this year. His argument is based on the fact that the limited supply of BTC will play an important role to maintain the bullish mood for Bitcoin.
Only 21 million coins can be minted, and the way the world’s largest cryptocurrency by market capitalization has been programmed, this cannot be extended further. As of the time of writing, only 18 million BTC have been minted so far, and the three million remaining could take several years.
Keiser has also stated in the past that there will be a massive surge in Bitcoin’s hash rate before the cryptocurrency will start surging in price. At the time of writing, Bitcoin’s price is $20,733, which is a far cry from its all-time high of $68,000 in November last year.
Bukele Urges Bitcoin Holders To Remain Patient
While speaking about the market decline, El Salvador’s president Nayib Bukele stated that some people are concerned about the rapidly declining price of BTC. “My advice: stop looking at the graph and enjoy life,” he noted.
Bukele assured those that invested in the token that their investment is safe, and the price of Bitcoin will surge back to its previous levels with time. He urged investors to remain patient as the market passes through the bear phase.
However, crypto skeptic Peter Schiff replied to Bukele’s tweet, saying that he is dishing out another bad advise after advising people to buy the top. He questioned Bukele’s stance that an investment in Bitcoin is safe when the crypto asset has already lost 75% of its value. Schiff added that no one knows how long the market will be in a bear position. As a result, it is not the best time to advice people to have patience for Bitcoin, he added.
