Bitcoin
Max Keizer explains how Tether and El Salvador will send Bitcoin (BTC) price to $220K
American issuer and Bitcoin proponent Max Keizer believes that stablecoin issuer Tether and El Salvador, as well as the decline of the United States dollar (USD), will push the price of BTC towards $220,000 in the not too distant future.
On a Saturday tweetKeizer said the dollar is doomed because inflation “is going to rise further,” while that happens, BTC will be on its way to $220,000.
The US dollar is “f****d”
In comments sent to CryptoPotato, Keizer explained that Tether’s stablecoin business is strengthening Bitcoin and weakening the dollar, which forces the US government to continue raising interest rates.
According to the Bitcoin bull, all countries in the BRICS union, including China and Russia, have understood that the United States is dying in a debt trap that it created, possibly leading to hyperinflation in the printing of US dollars. As a result, China and Russia are discarding the USD as the world’s reserve currency and instead conducting bilateral agreements.
Worse still, the BRICS are reportedly launching a new gold-backed digital currency later this year, putting “the final nail” in the dollar and the North Atlantic Treaty Organization (NATO).
As the BRICS continue their fight against the US, American financial services company Cantor Fitzgerald and Tether have an ongoing speculative attack against the dollar, Keizer added. Unfortunately, the attack would accelerate the demise of fiat currency.
Tether’s role in the end of the dollar
Millions of crypto users exchange fiat currency for Tether (USDT), and the stablecoin company in turn exchanges the fiat currency for US Treasury bonds on Cantor, using the interest paid by the company to buy more BTC. With rising rates in the US, Tether’s profits are increasing, as are the company’s BTC purchases.
“It is a cycle of destruction for the USD that cannot be stopped,” said Keizer.
Beyond Tether, Michael Saylor’s business intelligence company Microstrategy it is part of the speculative attack, according to Keizer. The broadcaster said the difference between the two companies is that MicroStrategy has to “dilute shareholders with the serial issuance of preferred shares,” while Tether does not have to pay any interest.
Over time, the pace of BTC purchases from various entities, including Tether, MicroStrategy, and El Salvador, will explode, Keizer noted. Speaking about the first country to legalize BTC as legal tender, Keizer, who had several meetings with the country’s president, said:
“El Salvador is always looking to increase its bitcoin position, substantially.”
On the other hand, the dollar will implode and soon no market participants will accept fiat currency for BTC. The increase in BTC purchases would be to push the value of the asset to $220,000, he said.
When the US launches its central bank digital currency, it will be too late, as the BRICS currency will be the world’s reserve currency, Bitcoin will be the world’s reserve asset, and Tether will be the global replacement for the SWIFT network.