The Bitcoin ecosystem is currently going through a period of turmoil due to a combination of pressures from the alarming bear market, incoming regulations, and investors’ mixed feelings about crypto-assets. Bitcoin maximalist Max Keiser has been an active investor in the space and recently featured in a CB News interview to share his views on the present state of crypto.
Drawing a difference between traditional finance and cryptocurrencies, Keiser stated that the crypto-ecosystem tends to be “more emotional and lacks maturity.” This is mainly due to the fact that “technologists are coming into the money market and currency business” having no experience of market finance, he said.
Speaking about the ongoing bear market, Keiser stated that he had witnessed similar patterns previously, citing the example of the 1980’s stock market run up, silver market, and the Dotcom business boom. The entrepreneur added that the crypto-market is currently experiencing an opposite trend, a development that has caused Bitcoin to “no longer be the buzzword in the room.”
On the subject of Bitcoin as gold vs. cash, Keiser said,
“Bitcoin is still between a collectible and store of value. It’s getting to a point where it will be considered a medium of exchange or a unit of account.”
Further, the entrepreneur speculated that Bitcoin’s catalyst for adoption will be rising Bitcoin-collateralized services. This idea is opposed to the traditional belief of Bitcoin’s adoption through retail commerce. Additionally, Keiser claimed that “the U.S. economy is a Ponzi scheme,” highlighting how the Obama administration “printed 17 trillion dollars to bail out the bankers.” He ended the conversation by saying,
“Ultimately, the U.S. dollar cannot compete with gold and people will realize that it cannot compete with Bitcoin either.”