Bitcoin to Win As Stocks Eye Major Crash: Max Keiser
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Financial journalist and Bitcoin maximalist Max Keiser has endorsed Bitcoin in his recent tweet. He also stated that he expects the U.S. stock markets to face a massive crash.
He also mentioned that investors have started to move funds from gold ETFs into spot Bitcoin exchange-traded funds. Earlier, Michael Saylor also made a Bitcoin statement, dismissing gold.
"Another 1987-style crash coming"
In his tweet, Keiser warned that he expects stocks to be preparing for a “1987-style crash.” That historic day is called “Black Monday,” and it was Oct. 19, 1987, when the stock markets collapsed. The worldwide damage from that amounted to a whopping $1.71 trillion, with many comparing that unfortunate event to the Great Depression.
Among the reasons for the stock crash named were overvalued stocks, rising interest rates and U.S. trade and budget deficits.
As Bitcoin maxis always do, Max Keiser tweeted that he expects the world’s flagship cryptocurrency, Bitcoin, to emerge as “the ultimate safe haven” here. Keiser also attacked a tweet by economist Don Johnson, who cited billionaire Stanley Freeman Druckenmiller’s statement on the 1987 stock market collapse.
Yuri MolchanFunds moving from gold ETFs to Bitcoin ETFs
Keiser also made a point of stressing that funds have started moving out of gold-based ETFs into spot Bitcoin exchange-traded funds. Over the past hour, the Bitcoin price printed a massive green candle, soaring to the $52,800 zone, and then it went back down to $52,041.
On Monday, Bitcoiner Michael Saylor, founder of MicroStrategy business intelligence giant, doubled down on his bet on Bitcoin, dismissing gold. He tweeted that since August 2020, the world’s leading cryptocurrency had increased by more than 330% in total, while gold had gone down by 1%. Since Jan. 11, when the Securities and Exchange Commission approved spot Bitcoin ETFs, the Wall Street companies who issued these ETFs have been acquiring a massive amount of Bitcoin on a daily basis – 12.4 times more than the Bitcoin amount minted by miners per day.
Today, the news spread that the amount of Bitcoin amassed by eight Bitcoin ETFs out of 11 has almost reached the astounding level of $14 billion.
The world’s biggest fund manager, BlackRock, has purchased almost half of this total amount - $6.23 billion worth of BTC.
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