Bitcoin to surpass record price high due to drive from ‘real volume’ backed by big banks
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
The two hedge fund managers that have cut breaks on bitcoin’s current bolt skyward, Paul Tudor Jones and Stan Druckenmiller, are “alpha dogs” in the financial industry according to Max Keiser and where they go, the rest follow. Speaking to Express.co.uk Mr Keiser said: “The bitcoin industry has matured and the bandits and madmen from the early days have been replaced with the worlds biggest banks and fund stars like Paul Tudor Jones and Stan Druckenmiller.” Bitcoin is currently rallying above $17,000 (£12,820) and the cryptocurrency is highly likely to break its all-time high very soon.
But what is different in this current bull-run as compared to that of 2017 is that this time there is confidence in the digital currency coming from major financial institutions and hedge fund managers.
Mr Keiser added: “Most of the volume in 2017 was the fake volume of wash-trading.
“The bitcoin price was manipulated.
“In 2020, since the dodgy exchanges have been cleaned up or shut down, the volume is real.
“Last time bitcoin made the $20,000 (£15,095) high most of the volume was fake.
“Today, it’s all real.”
Bitcoin’s recent rally has much to do with its adoption by global money managers, institutions, family offices, and hedge funds.
Billionaire US hedge fund manager Paul Tudor Jones has called the world’s pre-eminent cryptocurrency an asset that has very similar characteristics to early tech companies.
READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies
Speaking to CNN he said investing in bitcoin was similar to “investing in Steve Jobs or Apple, or investing in Google early”.
Speaking to Express.co.uk, Max Keiser added: “Bitcoin isn’t correlated to anything.
“It’s an entirely new asset class that has the unique property of destroying fiat money as all fiat becomes relatively worthless.
“In fact, you could say the pound is in a hyperinflationary collapse against bitcoin right now.”
Chinese government ramps up trials for digital currency to rival the dollar [REPORT]
Artist praised by Michael Caine launches ‘Universe’ collection for cryptocurrency market [REPORT]
Martin Lewis’ Bitcoin warning revealed: ‘You could lose everything!’ [INSIGHT]
Now hedge fund manager Brian Kelly has said the importance of bitcoin as a store of value is because of the digital currency’s fixed coin supply.
Inherent in the algorithmic design of the cryptocurrency is that it is finite.
This is the opposite of fiat money that can be printed infinitely.
Many financial observers see the printing of more fiat money carrying increasing risks for those who hold fiat currency.
Source: Read Full Article