TV host and Heisenberg Capital founder Max Kaiser expects the price of bitcoin to rise 500% to $220,000 in the second half of 2021. He said this on Scott Melker's The Wolf Of All Streets podcast.
In his view, inflation of the U.S. dollar is driving the strengthening of the first cryptocurrency. Kaiser noted that large corporations and companies are increasingly investing in digital assets amid Federal Reserve policies.
"My [bitcoin] target price for 2021 is still $220,000. That's an aggressive price target, which is due to serious U.S. dollar problems," the broadcaster added.
Kaiser also emphasized that the bitcoin price is not as important as the hash rate and other fundamental indicators of the network. According to him, it merely reflects the state of the dollar: when the rate of the first cryptocurrency grows, the dollar weakens, and vice versa.
"I don't look at the price, I look more at the hash rate. And that figure has been in a very predictable, steady bull market for the last 10 years," he said.
Kaiser called MicroStrategy's $1 billion purchase of bitcoins one of the most important events in industry history. The broadcaster believes that this investment was the starting point for the mass adoption of cryptocurrencies at the corporate level.
The specialist also expects digital gold to hit a new all-time high by June 4.
Over the past 24 hours, bitcoin has risen nearly 4 percent, according to CoinGecko. As of this writing, the asset is trading near $37,000.
Find out our professional review on bitcoin code platform.