Bitcoin investor and co-founder of Heisenberg Capital Max Keiser believes that Bitcoin — the world’s most popular cryptocurrency — will skyrocket in the upcoming days.
In a tweet released Sunday evening, Keiser estimated that Bitcoin dominance in the cryptocurrency market will soon increase to 80 percent.
According to the renowned investor, Bitcoin remains supported by the weakening yuan. The Chinese currency has fallen to its lowest level in 11 years against the greenback as concerns over the increasing trade tensions between the US and China continue to weigh on markets.
In Asian trading hours on Monday, the yuan traded around 7.1425 to the US dollar, its weakest point since early 2008. Investors in China have been allegedly using Bitcoin as a safe-haven to shelter their investments against volatility in the currency market.
So far this year, Bitcoin has added over 180% to its price. Following a peak valuation of nearly $13,000 in early July, the digital currency began to fall, hitting a low of $9,400 later that month. The $10,000 mark has been offering support to the cryptocurrency and industry experts insist that short-term price swings should be fully ignored.
Earlier this month, Keiser supported the bullish trend by stating that he expects to see BTC price above $15,000 very . soon. Again, as a result of the ongoing currency battle between Washington and Beijing.
Keiser, who hosts his own financial TV show “Keiser Report” on the Russian state-owned channel RT, has always kept an optimistic outlook on Bitcoin even during the 2018 price crash.
The Heisenberg Capital CEO believes that BTC will surpass the $100,000 mark by the end of 2019. Yet, Keiser considers most altcoins will come to a bad end in the nearest future with the exception of Facebook’s Libra Coin.
“FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat,” he wrote on Twitter.
Last week, the Bitcoin hash rate reached an all-time high at 82.5 TH/s. In Keiser’s opinion, this is an indicator that BTC price will soon “explode higher” very soon. The hash rate reflects the speed of a miner’s performance. In general terms, the hash rate is an indicator of network security and therefore impacts on investors confidence for the given network.