Altcoins have been all the rage over recent weeks, rallying dozens of percent as Bitcoin has stalled in the $9,000s.
No better has this been exemplified than in BTC dominance — the percentage of the cryptocurrency market made up by BTC. The metric was recently rejected at an important trendline, analysts say, signaling an impending “altseason.”
According to Max Keiser, no such altseason will happen. The prominent Bitcoin investor, who co-hosts RT’s Keiser Report with Stacy Herbert, bashed altcoins on July 9th.
Bitcoin Will Eviscerate Its Competitors? Max Keiser Thinks So
In July 9th’s episode of the Keiser Report, Max said that all of Bitcoin’s competitors will “be eviscerated” in the future.
“So, all these altcoin posers and government subsidy-welfare bums will be eviscerated by the one true bitcoin. It’s about time…”
Keiser was referencing documents from the U.S. government showing that a number of cryptocurrency firms recieved “PPP” loans.
The investor’s latest thoughts on the efficacy of altcoin projects come shortly after he told London Real’s Brian Rose that Bitcoin is unlikely to be usurped by any altcoins.
Keiser said that there is “no coin out there that can do something that BTC doesn’t do already or will be able to do shortly.” He added in a comment days later that Bitcoin dominance is likely to eventually reach 99% once again.
A Rally to $100,000
In addition to his thoughts on altcoins, Keiser also briefly discussed his price outlook for Bitcoin.
The investor said that he thinks the cryptocurrency is on its way to “$100,000 per coin,” which is a more than 900% rally from the current price of $9,200.
He previously told Infowars’ Alex Jones that $100,000 may be too low, citing a new expectation of his that BTC will hit $400,000:
“I am officially raising my target for BTC — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”
Along with other factors, Keiser sees Bitcoin’s scarcity as a leading reason why the asset will appreciate so far in the future.
Commenting on the “PlanB” stock to flow model, which predicts Bitcoin will reach $100,000 by December 2021, Keiser said:“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of #Bitcoin price that provides excellent insight into the market.”The model also predicts that the cryptocurrency will achieve a price close to $1,000,000 by the end of the decade.