Billionaire Max Keiser: Hash War Could Push Bitcoin to $500,000

Early Bitcoin investor and billionaire Max Keiser made waves a few weeks ago when he predicted that the price of Bitcoin could exceed $400,000. In a new episode of “The Keiser Report,” he described the hash rate war that the United States is already waging with Iran and Venezuela as a potentially powerful catalyst for the price of Bitcoin.

The battle for hash rate share could push Bitcoin to $500,000

According to the latest survey, China has more than 60% of the global Bitcoin computing power (hash rate). According to Keiser, in order to remain competitive in the Bitcoin market, the United States will increasingly try to gain market share in the coming months. Iran now accounts for 3% of Bitcoin's global hash rate, and Venezuela may soon catch up:

Iran has already gotten 3% of the global hash rate, and now I think Venezuela will get 3%–5% pretty soon. Then at some point, the US will say, “We have to enter the 21st century hash race to mine Bitcoin,” and then they’ll try to get 20% of the hash rate, and then security will skyrocket and the price of Bitcoin will go to $400,000 or $500,000, respectively.

Keiser believes that Bitcoin is more than just a technology for transferring value. He believes that Bitcoin will have a profound impact on society, the financial system, and everyone’s freedom. He sees problems with central banks, which, through their decisions, have a decisive influence on the entire economy and its ups and downs:

Is God looking down on us through Bitcoin’s code and protocol, trying to save human society from the ill effects of central bank monetary policy?

As Keiser explained, with Bitcoin, everyone has control over their own money. Furthermore, as an asset, Bitcoin is indestructible and cannot be manipulated:

The fact is, if you want personal sovereignty, if you want justice, if you want uncensorable, unconfiscable, indestructible wealth, there is only one way to go — and that is Bitcoin.

Keiser continued his podcast critiquing the actions of the Federal Reserve, as continued stock purchases meant that financial markets had their best second quarter since 2011, despite a large number of bankruptcies. These developments suggest that the stock market does not reflect the actual value of many companies, but is artificially manipulated and controlled by the Fed’s policies.

Despite the rise in the stock market, Bitcoin continues to move sideways, recording only a small increase of 0.02% in the past 24 hours. At the time of writing, Bitcoin is trading at $9,147.97. The market capitalization is close to $168 billion. (Caiyun Blockchain)