Bitcoin Bull Max Keiser Predicts Altcoins Are Done, Bitcoin Will Flourish
Max Keiser, famous for his “mischievously seditious” Keiser Report on the
Russian state TV network RT, predicted in a recent CNBC interview that the cryptocurrency market rally will not include altcoins.
The founder of Heisenberg Capital, Keiser said he can forsee bitcoin’s market dominance — currently at 60 percent — going to 80-to-90 percent. Altcoins are going to be worth pennies or nothing because “all that cash is going to flow into bitcoin,” Keiser said. “The altcoin phenomenon is finished.”
Keiser has long argued that the Bitcoin price could exceed $100,000. He also said that Facebook’s Libra cryptocurrency will benefit the Bitcoin price.
In the CNBC interview, Keiser supported his strong pro-Bitcoin view. He said Bitcoin has improved its scalability with Segregated Witness or Segwit —
the process of separating transaction signatures — and the Lightning protocol, a blockchain scaling solution. People are understanding better the store of value bitcoin offers, as well as scaling that would happen off chain. This, according to Keiser, has made crypto owners move their funds back into “the most secure chain (bitcoin).”
Understandably, altcoin sites were not ecstatic with Keiser’s prediction, triggering name-calling, denial and a feigned collapse on Desus & Mero.
Keiser is hardly alone in his prediction. Recently, veteran trader and author Peter Brandt compared the altcoin market to the dot-com bubble, predicting that bitcoin will keep growing but altcoins won’t. Unlike the previous bull market cycle in 2017, bitcoin’s gains won’t have the same effect, Brandt said. “Cryptomaniancs expect alts to do so again — they may be very disappointed.”
Nevertheless, it remains to be seen whether altcoins are indeed really “finished,” Rasmus Pihl reported for ToshiTimes.
It’s too pessimistic an opinion to say altcoins will die out, Trevor Holman reported for CryptoNewsZ. Holman looked at the performance of the top four altcoins for the past three months:
Ethereum more than doubled on several occasions, starting at around $140-to-$145 apiece and maxing out at $336.
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Litecoin more than doubled in the last three months. In early April, it was priced around $60 and reached $138 at its peak.
Bitcoin Cash which was forked out from Bitcoin, didn’t double but reached a peak of $485 just a week ago.
EOS was stagnant through the last three months. It began at around $5 at the beginning of April and is about the same rate, too. It’s highest rate in the last quarter was $8.50 apiece.
Bitcoin’s market share is growing again, not because altcoin holders are joining it, but because there are new users, Holman wrote. On the flip side,
he said, “Keiser’s comments shouldn’t be taken lightly, as he is considered to be an expert analyst for cryptocurrencies. At the least, there needs to be a deep study to evaluate his claim before discarding it completely.”