Max backed his prediction with the potential of a heavy crash for the U.S. stock market not seen since the end of the 1980s.
Bitcoin advocate and journalist, Max Keiser made his predictions known while replying to a tweet published by industry-leading commentary, The Kobeissi Letter. According to the tweet from The Kobeissi Letter, currently, the top 10% of stocks on the market are more concentrated than they have been since the Great Depression, accounting for 75%.
The Kobeissi Letter highlights that even during the peak of the Dot-com bubble in 2001, the concentration was lower, around 72%.
Before the 2008 financial crisis, as the tweet points out, the concentration of the top 10% of stocks reached a smaller peak compared to the current observation, standing at approximately 66%.
"On average, the top 10% of stocks reflect 64% of the entire stock market," the tweet says, stating that a correction may be coming.
This led to Max Keiser's response, claiming that he expects Bitcoin to soar past $500,000. Max sees the U.S. stock market crash as an opportunity for BTC to go bullish.
He predicts that the stock market will crash similarly to the events of 1987. Keiser also believes that the U.S. government will confiscate BTC in the U.S., including from spot ETFs that have been trading since January 11th, as well as from local miners.
He expects gold to continue losing value against BTC, with funds shifting from gold into Bitcoin. Keiser recently noted that investors have begun withdrawing money from gold ETFs and investing it in spot Bitcoin ETFs, signaling a trend where Bitcoin is displacing gold as a preferred asset.
Fundstrat market analyst Tom Lee has joined a league of other experts to go bullish on Bitcoin (BTC). Tom's prediction follows Robert Kiyosaki's forecast of BTC reaching $100,000 this year, but he insists that the price will touch $150,000.
The Fundstrat expert went further to support his analysis with three-pointers. The first is the approval of a spot Bitcoin ETF, which has already landed. Tom Lee's second reason is based on the next BTC halvening which he believes will generate a supply shock in the market.
Lastly, Tom sees a huge spike in the BTC price because of the Federal Reserve interest rate. According to him, a reduction in the rate will benefit risky assets like Bitcoin, keeping the price on a bullish trend.
At press time, the price of BTC stands at $50,976.22. Over the past 24 hours, it has seen a decline of -1.68%, and over the past week, it's down by -1.50%.
The trading volume in the last 24 hours reached a staggering $23,950,146,793.52. With a circulating supply of 20 million BTC, Bitcoin's market cap now sits at a whopping $1,000,936,917,490.
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