Trader, podcasts and Bitcoin (KRYPTO: BTC) evangelist Max Kaiser says the world’s largest digital currency has bottomed in this cycle and is well on its way to crossing the $220,000 price point.
Speaking to journalist Daniela Cambone, he noted the billionaire venture capitalist Tim Draper has already set a $250,000 target for Bitcoin this year, and Keizer agreed with the prediction.
“Investment in the Bitcoin network has never been higher, that means security has never been higher and the price will take care of itself. Tim Draper reiterated his $250,000 call for Bitcoin in 2023 and I totally agree. The price arranges itself. What we want to ensure is that the network is stable, he said.
He added that the FTX scandal involving the founder Sam Bankman-Fried did not touch the Bitcoin network. Keizer noted that the amount of money flowing into the network — the hash rate, mining and security — has never been higher.
This was at $15,800 just a few weeks ago. I explained every 1000 days after a halving – we hit a cycle low. And now we will see new ATHs. I have been right for 12 years.
We are at $23,100 on our way to $220,000+ this cycle.
(Listen @Frank_Giustra and go broke. 😂😂😂👍) https://t.co/S6pl9fZvzp
— Max Keizer – Bitcoin Advisor to President Bukele (@maxkeiser) 21 January 2023
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Also Read: Bitcoin Spikes Above $21,000: Is The Move Sustainable Or Just Speculative Craze?
Meanwhile, Bitcoin traded near the $23,000 mark on Sunday, its highest point since August 2022 and just ahead of the Lunar New Year celebrations on the Asian subcontinent.
The value of the leading cryptocurrency has increased recently, and analysts say this is likely due to a more positive overall economic outlook.
Hitting Bankman-Fried, Keizer said the FTX founder has a “very shady” background of high-frequency trading and market making, which is in a regulatory gray zone.
The Bitcoin maximalist went on to say that Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), Ripple (CRYPTO: XRP), and FTT (CRYPTO: FTT) are all “scam tokens”.
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Photo: courtesy of Web Summit on flickr.
