Friday, 10 August 2018

Max Keiser Says “Bitcoin Is a Reaction to Warren Buffett” and Other “Crony Capitalists”

Bitcoin bull Max Keiser recently lashed back at billionaire investor and Berkshire Hathaway CEO Warren Buffett and his company’s vice president Charlie Munger. Earlier this month Buffet called Bitcoin and other cryptocurrencies as “rat poison squared” while Munger compared them to “dementia.” These remarks caught the attention of millions of cryptocurrency market followers.

In response, Max Keiser, the renowned film maker and broadcaster, vehemently stated:

“Bitcoin is a reaction to Warren Buffett and his crony capitalists”. During an episode of RT’s Keiser Report he added: “they don’t want to come down from the pedestals of crony capitalism and free money from central banks to address that, so they attack crypto.”

Adding fuel to the fire, Munger recently compared cryptocurrency trading to “trading fresh harvested baby brains.” Previously, the 94-year-old Harvard graduate had said that Bitcoin was “utterly asinine”. He also referred to the flagship cryptocurrency as “antisocial, stupid and immoral” during a Yahoo! Finance interview.

Keiser reacted to these comments by saying Munger would see the cryptocurrency skyrocket past $30,000 right before he passed away. In previous interviews, Keiser claimed Bitcoin would hit $100,000.

Although Keiser has not mentioned an approximate timeframe for when this could happen, he did claim that by analyzing the current cryptocurrency market, we can “get a sense of when.” Notably, famous crypto enthusiast John McAfee has confidently asserted on multiple occasions that Bitcoin’s price will reach $1 million by 2020.

Bullish On Bitcoin

Meanwhile, another billionaire who’s a well-known Bitcoin bull, Mike Novogratz, stated that it would be “almost irresponsible” not to have some Bitcoin in your investment portfolio. According to Novogratz, investors should keep around 1-2% of their investments in Bitcoin. He also pointed out that people should invest in cryptocurrencies because the technology they use will eventually impact our day-to-day lives.

Tom Lee, Managing Partner at Fundstrat Global Advisors, published a detailed report stating that Bitcoin’s (BTC) price would reach $39,000 based on current crypto mining activity.

Recently, Bloomberg also released a research document on cryptocurrencies, which concluded that current and past performance of cryptocurrencies could not be reliably used to predict future trends in the volatile market.



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