Max Keiser, a recognized Bitcoin (BTC) supporter, shared a tweet in which he said that bond prices are currently hitting highs not seen in 3,000 years. He has also suggested that Bitcoin and gold are going to be key assets during times of economic and financial uncertainty.
Max Keiser Supports Bitcoin and Gold
In a recent tweet, Max Keiser wrote that bond prices are currently hitting highs not seen in 3,000 years and when it falls, more than $150 trillion is expected to get “wiped out.”
He wrote about it:
“Bond prices are hitting highs not seen in… 3,000 years. That’s right, the bond bubble is hitting a 3,000 yr high. When it pops, more than $150 trillion gets wiped out. #Bitcoin #Gold”
Bond prices are hitting highs not seen in… 3,000 years. That’s right, the bond bubble is hitting a 3,000 yr high. When it pops, more than $150 trillion gets wiped out. #Bitcoin #Gold
— Max Keiser (@maxkeiser) August 12, 2019
At the same time, he shared an image in which it is possible to see that global debt reached an all-time high of $184 trillion in nominal terms. This is the equivalent of 225 percent of GDP in 2017. The most indebted countries in the world are the United States, China and Japan.
Although there are many experts that do not consider that Bitcoin could become a safe-haven asset, others consider that the digital currency could be used as a hedge against instability. These experts that believe that Bitcoin cannot be used as a hedge have their own reasons. For example, Bitcoin fell yesterday over 7.5% in line with most of the most important stock markets around the world while gold surged above $1,535.
If a currency crisis starts, if there is a financial crash similar to the one in 2008, it is possible for individuals not only to move away from banks to gold, but also to a new asset class such as Bitcoin. Despite the fact that this virtual currency didn’t experience any massive world crisis, smaller events in different countries would confirm that Bitcoin could behave as a store of value.
Cyprus, Turkey, Venezuela and Zimbabwe have seen their populations moving to Bitcoin when a crisis on their territories started. Venezuela has been affected by communist policies that included capital controls, something similar to Zimbabwe, that registered one of the largest inflation rates in history. Meanwhile, Turkey and Cyprus were affected by a smaller economic crisis that saw their populations move to Bitcoin.
Currently, Bitcoin is being traded around $10,000 and it has a market capitalization of $178.8 billion, according to CoinMarketCap.
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