Bitcoin Advocate Continues $100,000 Price Projection for Bitcoin; Bashes Bitcoin Cash
A long-time Bitcoin advocate has weighed in about the spectacular growth of Bitcoin, and continues to say that it will reach $100,000.
Max Keiser spoke about his $100,000 prediction during an interview this week.
He hosts a program in Russia called Keiser Report, and flaunts his prediction in 2011 when Bitcoin was at $3 that it would climb to $100,000. In addition to speaking on Bitcoin, he also spoke about altcoins, and took a swipe at Bitcoin Cash.
Keiser’s comments come during a week in which we’ve told you about the many speaking out with projections about how high Bitcoin’s price will soar. For example, Fundstrat’s Tom Lee said Wednesday that he sees Bitcoin trading at $11,500 by the middle of next year. Hedge fund manager Mike Novogratz, who’d previously said he sees Bitcoin’s price at $10,000 sometime early next year.
Not a fan of current predictions
In expanding on his logic behind how high Bitcoin will soar, Keiser said he didn’t like other price predictions. The following is his logic:
“I don't like price predictions because it takes away from the single best way to participate in the crypto economy, buy and HODL. The next 10 years will be planet-changing as money transforms into global networks of monetized thoughts interacting seamlessly, globally, consciously and unconsciously; intermingling in a spontaneous joyfest of bountiful, life-affirming cryptoeconomics.”
About altcoins
Many observers of the cryptos see altcoin space as being crowded with useless coins. Some estimates place the number of altcoins at more than 1,000. At the top of the list, of course, is Bitcoin. Others are Ethereum, Bitcoin, Litecoin, Dash, Ripple, and Bitcoin Cash.
About all these cryptos, Keiser believes 90% of trading is in the top 20 coins, and that will continue.
“Coins will come and go. The composition of the top 20 will change less frequently. It's similar to the thousands of stocks that trade on the NYSE and NASDAQ. Over the years, many disappear, new ones are listed. The difference being that with crypto, things move 100 times faster.”
Bitcoin cash as a fraud?
As Keiser spoke positively about Bitcoin, he held no punches about Bitcoin Cash. Despite the coin’s positive performance and popularity, Keiser isn’t swooning over it.
“Bitcoin cash is an alt-coin that has its fans just like many alt-coins. I don't think anyone who uses bitcoin's name and applies it to an alt-coin like bitcoin cash does is adhering to acceptable business practices. In other words, bitcoin's brand is being stolen by a competitor that calls itself bitcoin cash and this is outright fraud in my opinion, just like it's fraudulent to use Coca-Cola and Nike's name to sell soft drinks or shoes.”