'Bitcoin is a gift from God to help humanity sort out mess it has made with its money' – Max Keiser
Some investors in cryptocurrency are now moving their money from bitcoin to bitcoin cash, ethereum, and other alternatives. Max Keiser, the host of RT’s financial program ‘Keiser Report,' advises sticking to the father of all digital money.
“Bitcoin will dominate and lead crypto going forward. Hundreds of obituaries have been written about bitcoin and none of them have come true and none will. Fact is, bitcoin is a gift from God to help humanity sort out the mess it has made with its money,” Keiser told RT when asked if alternative coins will dethrone bitcoin.
According to Keiser, the value of bitcoin will increase to $100,000 from the current record of $8,000. Speaking about alt-coins, Keiser said the top-20 are likely to survive the turbulence on the digital money market.
“Ninety percent of trading is in the top 20 coins, and that will continue. Coins will come and go. The composition of the top 20 will change less frequently. It's similar to the thousands of stocks that trade on the NYSE and NASDAQ. Over the years, many disappear, new ones are listed. The difference being that with crypto, things move 100 times faster,” he told RT.
However, Keiser severely criticized bitcoin cash, the third most popular cryptocurrency, saying it uses the name of the original bitcoin to earn a buck. He accused it of plagiarism.
“Bitcoin cash is an alt-coin that has its fans just like many alt-coins. I don't think anyone who uses bitcoin's name and applies it to an alt-coin like bitcoin cash does is adhering to acceptable business practices. In other words, bitcoin's brand is being stolen by a competitor that calls itself bitcoin cash and this is outright fraud in my opinion, just like it's fraudulent to use Coca-Cola and Nike's name to sell soft drinks or shoes,” said Keiser.
According to Keiser, bitcoin is not a hyper-inflated asset, but the US dollar is.
“Bitcoin has been hyper-DEFLATING. The supply of bitcoin continuously shrinks until no new bitcoin will exist at all. I can buy ten times more Lamborghinis this year than I could last year with the same amount of bitcoin. The US dollar is an inflating asset. There are trillions more of them every year. The amount I need to buy a Lamborghini keeps going up, not down. It's garbage,” he said.
Anyone who doesn’t believe in bitcoin can be compared to Michael Dell of the Dell IT firm, who was bearish about Apple, when the company was worth less than $100 million, according to Keiser.
“I remember when I bought Apple stock in the late 1990's when it was valued for less than $100 million, Michael Dell publicly said that Apple should shut its doors and stop the embarrassment of being in business. Twenty years later, it's approaching a $1 trillion market cap, and nobody talks about Michael Dell anymore.”