Price forecasts are the basic commonality in the world of bitcoin and digital assets. Although most predictions are based on market indicators and analysis, at times various socio-economic or geopolitical events have an impact on the valuation of the BTC.
Speaking of extravagant predictions, popular financial analyst, and Bitcoin proponent, Max Keiser recently stated that a tussle between nations over the Bitcoin hash rate may eventually inflate Bitcoin’s valuation by more than $500,000.
In his recent segment of the Keiser Report, the analyst stated that the United States “hash-rate war” with Iran and Venezuela may create an extremely strong scenario where Bitcoin’s price may sky-rocket over $400,000-$500,000.
At present, China is the current leader in controlling the global hash for Bitcoin, amassing nearly 60 percent of it. Given that Iran currently owns 3 % of the world, Keiser believed that it would not be long before the U.S. dips its toes into the hashrate pool. He said
“Iran has already got 3% of global hash rate, so now I think Venezuela will get 3%–5% pretty quickly. And then at some point America will say, ‘We’ve got to enter the 21st century space race of mining Bitcoin,’ and then they’ll try to seek 20% of the hash rate, and then security goes up dramatically, and the price goes to $400,000, $500,000.”
For Keiser, Bitcoin is far-more important than a booming technology that transfers value. He believed that Bitcoin will leave a lasting impact on the wider society and establish a sense of financial freedom for its users. The influence of central banks on the larger economy could be broken according to Keiser, as he stated,
“The truth is if you want individual sovereignty, if you want justice, if you want uncensorable, unconfiscatable, indestructible wealth, there’s only one way to go — and that’s Bitcoin.”
Max Keiser’s previous $100,000 prediction update
Keiser has never been the one to shy away from preposterous price predictions as eight years back, he stated that Bitcoin will be worth over $100,000. Although the prediction has not panned out yet but in a recent interview with “Infowars”, Max Keiser decided to take his prediction up a notch and mentioned that Bitcoin will reach $400,000.
With the asset enjoying a rather turbulent year in 2020, it is highly unlikely that Keiser’s current prediction will come to fruition in the near future.