Popular cryptocurrency strategist and former Wall Street trader Max Keiser, who predicted the price of the flagship cryptocurrency bitcoin would rise to $220,000 this year, has said he believes that the Bank of England “will be scrambling to buy bitcoin before it tops $1 million per coin.”
Speaking to Express, Keiser said that bitcoin is “designed to trigger a meltdown of the current fiat money banking system,” which he claims to be a “mathematically guaranteed outcome.” His comments came in response to some made by Bank of England (BoE) governor Sir Jon Cunliffe, who earlier said cryptocurrencies pose a rapidly growing threat to the growing economy.
Cunliffe called for the regulation of cryptocurrencies, likening their potential to trigger a financial meltdown to the 2008 sub-prime crash. The BoE governor noted the cryptocurrency space has swollen past the $2 trillion mark, which is a fraction of the $250 trillion global financial system.
He added, however, other financial crisis have shown that “ you don’t have to account for a large proportion of the financial sector to trigger financial stability problems sub-prime was valued at about $1.2tn in 2008.” He added bitcoin poses stability risks that are now relatively limited but could grow very rapidly.
In response, Keiser said that the “Bank of England is in the second stage of the five stages of grief, the anger phase,” before adding:
The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin.
Earlier this year, as CryptoGlobe reported, the bitcoin bull said bitcoin could replace the $5 trillion market for foreign currency exchange. The former Wall Street veteran said BTC had demonstrate its potential through cross-border transactions that were instantaneous and had “virtually no cost.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pexels