Is Max Keiser’s ‘Full Speed Ahead’ Expected to Drive Bitcoin to $220K?
Max Keiser, a prominent Bitcoin advocate and advisor to El Salvador’s president, recently made a strong call to the global cryptocurrency community regarding Bitcoin’s recent developments, particularly the approval of the spot ETF. Keiser also shared his insights on the factors influencing Bitcoin’s surge to new highs and subsequent price fluctuations.
In the lead-up to the approval of the spot Bitcoin ETF by the Securities and Exchange Commission (SEC), Keiser highlighted an important event. He noted that several Wall Street brokers and major banks were preventing their customers from buying spot Bitcoin exchange-traded funds. According to Keiser, this action played a crucial role in driving Bitcoin’s price to new highs. The subsequent approval by the SEC further boosted the cryptocurrency, pushing it above $49,000.
Keiser believes that things are unfolding as he anticipated. However, he acknowledges that big traditional banks are struggling to adapt to the new world of Bitcoin. Nevertheless, he encourages the Bitcoin community to continue moving forward at full speed.
Despite the recent decrease in Bitcoin’s price, other prominent figures in the Bitcoin community, such as Samson Mow and Gabor Gurbacs from VanEck, have spoken about the positive long-term impact of the spot ETF approval on Bitcoin. Gurbacs points out that major players like BlackRock and Fidelity hold 25 times more Bitcoin than El Salvador’s treasury. Additionally, BTC Tether and MicroStrategy hold a significant portion, totaling $8 billion worth of BTC. This highlights the significant influence of institutional investors in the crypto industry.
Although Bitcoin has experienced a total loss of nearly 16% since its peak last Thursday, driven by the spot ETF approval, Keiser remains confident in his prediction that Bitcoin could still reach $220,000. Despite a recent 4.70% dip in the past 24 hours, followed by a partial recovery resulting in an overall 3.4% drop, Bitcoin continues to attract the attention of Max Keiser and his bullish outlook. According to a report by coinpedia, Bitcoin is currently trading at $41,330.