Bitcoin and Gold have actually been competing for prominence in the world of valuable assets. BTC is digital, while Gold is physical. The largest digital currency by market cap is usually referred to as digital Gold due to its use cases and value.
On this note, Max Keiser, the founder at Heisenberg Capital, has recently illustrated how Central Banks would eventually replace Gold with Bitcoin, which would later drive BTC to $100,000 by 2021.
Bitcoin is gaining necessary popularity in the money market. BTC doubles down on being an asset as well as means of exchange. Its growth has been termed as a threat among member nations, due to the threat it supposedly post on their individual national currencies. Means to outlaw the digital currency was set on motion, especially in China, India and United States.
Gold on the other hand enjoys global recognition as a physical store of value. Actually, Gold is very much needed in the industries, especially in the construction companies. The precious metal has cemented its prominence in the global market years ago.
In terms of market capitalization, Gold is $7.5 trillion, an amount which outnumbers Bitcoin that manages relatively $170 billion at the time of writing. However, BTC came to existence about 10 years ago, and the vast development it has since garnered has seemed caught the world unaware.
An average cryptocurrency enthusiast believes that Bitcoin will replace Gold in the near future, due to its mode of increase in market value over the years. Howbeit, BTC is highly volatile, which has quite set it uniquely apart from other valuable assets globally.
Despite the criticisms willfully directed at Bitcoin by notable governments of the world, the cryptocurrency keeps resisting the formidable forces. At the time of filing this report, BTC is trading at $9,570.89, with 0.5% price upsurge in the last 24 hours.
Max Keiser Illustrates How Central Banks Will Drive Bitcoin to $100k By 2021
Max Keiser, an experienced trader and founder at Heisenberg Capital, who claimed to have started investing in Bitcoin when it was then trading at $1, recently illustrated how Central Banks would aid BTC to attain $100,000 by 2021.
He stressed this in a response to Zerohedge’s headline on Twitter, which says “By Not Renewing The CBGA, Central Banks In Europe Are Ready To Buy Gold”.
In his response, he averred that Bitcoin will become the last resort for Central Banks, once Gold starts to fail their demands. He noted that BTC would fulfill their needs for Hard Money.
Conclusively, he corroborated the $100,000 for BTC by 2021, which was earlier predicted by Anthony Pompliano, the influential Bitcoin maximalist. Keiser posited that the eventual interest of Central Banks would drive the digital currency to such a notable price high.
He said “Central Banks will struggle to find enough Gold to satisfy demand (even at $2,500 an Oz), so they will turn to Bitcoin to fulfill their need for Hard Money. Will this be the catalyst that drives BTC to Pompliano’s $100k, 2021 target?”
Much is still expected from the price growth of Bitcoin in the cryptocurrency market. The asset is still hovering between $9,000 and $10,000 price regions. However, considering the historical surging trend of BTC, its present price fluctuating display is needed for its subsequent growth consistency.