[2017-11-28] Keiser: Dollar Collapsing Against Bitcoin

[iamTom123]

Bitcoin seems to surge to new heights amid growing anticipation of widespread mainstream acceptance. As the price of the founding cryptocurrency continues to soar, influential financial analysts, stock pickers, forecasters and pundits wax lyrical over it’s growing value.

Russia Today show host Max Keiser speculated that Bitcoin would surge to $100,000 high in the future and now the American has hit out at conventional fiat currencies, which are the current lifeblood of the global economy. According to RT, Keiser believes that the likes of the dollar will not be able to compete with the rising Bitcoin price.

“I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.” “Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting banksters and the central banks out of business. It should be applauded because they’ve been horribly bad actors. We need to get rid of them and let Bitcoin transform our world.”

Pundits have thrown around a number of predictions, but Keiser believes Bitcoin will only see a major price correction around the $25,000 mark. He also cautioned investors not to lose their heads and panic buy or sell. Read more here.

I believe the same thing. The dollar where the Bitcoin is strongly pegged on is now showing some weakness and this can partly explain for the surge of Bitcoin. Many are already feeling that soon the dollar would be experiencing some crashes if not a big collapse and this can very much affect the world economy. Under this scenario, Bitcoin would be so valuable and can go in heights never been imagined before. one of the things I noticed is that Bitcoin can become the 'hero' in times of great upheaval and chaos. When the fiat money would be falling, Bitcoin will be dramatically rising. No wonder there are some governments which are afraid to touch Bitcoin.

[Guardian.P]

Sooner or later the government will have to touch Bitcoin. Now it is very high, to prohibit bitcoin = to take money from people. This will lead to unpredictable consequences. There is a possibility that people will go against the government in such a case revolution.

[Qartersa]

Sooner or later the government will have to touch Bitcoin. Now it is very high, to prohibit bitcoin = to take money from people. This will lead to unpredictable consequences. There is a possibility that people will go against the government in such a case revolution.

True enough. Hence, governments should be very careful in touching matters like these because they know how much people will be affected. Moreover, taking money from people would also lessen the spending power of people thus the economy will greatly suffer. That is why I think it is best to work things out very critically so as not to result to the further ballooning of inflation.   

[Iranus]

anticipation of widespread mainstream acceptance.

This is the problem.  It should primarily be when merchants actually accept it that the price goes up - and these price rises should be primarily caused by people buying coins to spend at merchants.  Unfortunately, it currently doesn't seem to be about that at all.

“I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.”

Bitcoin is still pretty much irrelevant relative to the gold market.  We're talking about 1 to 10 billion dollars being traded per day, which is irrelevant relative to the total supply of dollars and will have next to no effect on the dollar's strength.

As for "hyperinflation", that is simply not happening and I consider it misleading (arguably even lying) to suggest that the US dollar is experiencing hyperinflation.

The dollar may well become weaker, but if so there's no point trying to pretend that Bitcoin users somehow played an important role in this.