Max Keiser, a prominent Bitcoin evangelist and an anchor at Russia Today, believes that Bitcoin could hit $220,000 this year. His speculation is tied to the rising hyperinflation of fiat currencies. According to him, rising inflation would push more investors to Bitcoin.
Keiser is not the only one that feels this way. Several investors have criticized“rampant money printing” practices by governments. More recently, the U.S. Senate approved Biden’s $1.9 trillion stimulus package, a move that has increased the amount of money in circulation, thereby, fueling inflation.
Several analysts and industry players have said that a significant percentage of these anti-crisis checks would be used to buy Bitcoin. Keiser is in support of this narrative, noting that these stimulus measures will be a major win for Bitcoin.
Meanwhile, the price of Bitcoin reached a new high of $61,700 on Saturday. Shortly after, the digital asset slumped to $56,000. As of press time, Bitcoin was trading at $55,400.
The massive sell-off may not be unconnected with India’s plans to pass a law criminalizing trading or holding Bitcoin and other digital assets. It could also be linked to profit-taking by traders.