Early Bitcoin investor Max Keiser is sure Bitcoin and some other factors will force banks in bankruptcy the way COVID-19 is forcing airlines to fold up.
Keiser, who is the founder of Heinsberg Capital, made this assertion upon observing the pace at which Bitcoin is moving and how investors are buying into the cryptocurrency idea.
He observed Buffett’s stock moves recently indicate the investor is expecting a negative interest rate in the nearest future, and so decided to move his holdings out of the banking sector.
Max Keiser believes Bitcoin will bring revolution into the financial sector and therefore force banks to bankrupt speedily like airlines are now doing.
Buffett’s Berkshire Hathaway had sold Goldman Sachs and acquires some shares of Barrick Gold, a Canadian firm, after condemning gold for years.
Warren Buffet’s action is an indication the entrepreneur can change his opinion about Bitcoin. While this is possible, Max Keiser believes Buffet’s action could send Bitcoin to $50,000.
Buffet’s Berkshire Hathaway had sold an enormous portion of its investments in JPMorgan Chase, Wells Fargo and PNG to acquire some shares of Barrick Gold.
Keiser, an investor of Bitfinex and Kraken and a strong believer of Bitcoin and gold, thinks the investment into Gold by Buffet could boost the adoption and price of Bitcoin.
He urged observers to be on the lookout for $1 trillion BTC global allocation due to Warren Buffet’s investment into gold, mentioning that since Bitcoin is digital gold, the investment in gold means a positive outlook for Bitcoin. Keiser also averred that Warren Buffet will begin his panic buying when Bitcoin hits $50,000.
In another line, Bitcoiners are hoping Warren Buffet can invest in Bitcoin since he changed his opinion about Gold, but gold maximalist Peter Schiff believes the billionaire, whose negative statement on Bitcoin permeates the social space, won’t invest in anything Bitcoin.
Meanwhile, MIcroStrategy, a business intelligence firm listed on Nasdaq, announced it considered holding Bitcoin because the company felt Bitcoin has a greater potential than cash.
The CEO of the company Michael J. Saylor said BTC has the power to be a powerful part of the global financial system.
The company then converted $250 million of its holdings into Bitcoin due to political, economic, and health issues bedeviling the whole world at the moment.
The action by MicroStrategy elicited euphoria in the Bitcoin community and has since forced some big companies to be automatic holders of cryptocurrency due to their affiliation with the firm.
In another news, George Ball, a former CEO of Prudential and now CEO of Sanders Morris Harris, sees Bitcoin going higher. The experienced CEO believes Bitcoin could be in high demand by people who will adopt it as a safe haven asset.