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Max Keiser Makes Shocking U-Turn From Bitcoin Bull to Bear, Here's Why

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Thu, 17/08/2023 - 14:32
Max Keiser Makes Shocking U-Turn From Bitcoin Bull to Bear, Here's Why
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In an unexpected turn of events, renowned Bitcoin evangelist and advisor to El Salvador's president Max Keiser has taken a surprising stance on the future of Bitcoin. Keiser, who has long been a vocal advocate for the cryptocurrency, caught many of his followers off guard with a recent statement suggesting a bearish outlook.

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The shift in sentiment comes amid rising yields on 10-year U.S. Treasuries, which have now reached levels not seen since 2008.

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Usually bullish on Bitcoin and its potential, Max Keiser expressed concerns about the impact of these surging rates on the cryptocurrency market. In a tweet that reverberated through the crypto community, he noted, "Rising rates will continue to challenge the Bitcoin price as more capital flows into high-yielding instruments."

Keiser's statement appeared bearish, which is uncharacteristic for a staunch BTC maximalist. This sudden pivot contradicts his past predictions of Bitcoin's ascent to price levels ranging from $220,000 to $1 million. This about-face has left many of his followers scratching their heads, as they grapple to reconcile his contradictory statements.

Stubbornly high

Meanwhile, Keiser's sentiments are set against the backdrop of a complex economic landscape. The recent meeting of the Federal Reserve's open committee members highlighted ongoing uncertainty surrounding inflation and interest rates in the U.S. Although a decline in both general and core inflation rates has been observed, committee members stress that inflation remains stubbornly high.

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Participants at the meeting acknowledged that inflation's current levels exceed the FOMC's target of 2%. Their determination to steer inflation back within acceptable bounds remains unwavering. Exactly this has led to discussions of raising the target range for the federal funds rate to a range of 5.25% to 5.5% at the last meeting.

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