Max Keiser: Altcoins Are “Finished”, Value will flow into Bitcoin
The well-known Bitcoin bull Max Keiser, famous from the Keiser Report, recently spoke with CNBC. During the interview, Keiser said that the cryptocurrency market rally will exclude altcoins. Instead, all the crypto market value will reportedly flow into Bitcoin.
He argued that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, people began to better understand the store of value bitcoin offers, as well as scaling that would happen off the chain. That’s why crypto owners started to move their funds back into “the most secure chain [bitcoin] .”
Keiser further projected that altcoins are going to pennies or even out of existence, because “all that cash is going to flow into bitcoin.” He reasoned that with bitcoin’s market current dominance 60% — which Keiser purports could go to 80%–90% — “the altcoin phenomenon is finished,” he stated.
Notably, this is in-line with a recent market forecast by veteran trader Peter Brandt. In it, Brandt predicted that while Bitcoin will continue to grow, altcoins will not feel the effects of this bull run. Nevertheless, it remains to see whether altcoins are indeed really “finished”.
In late June, ThinkMarkets chief market analyst Naeem Aslam predicted that bitcoin will hit somewhere between $60,000 and $100,000 during its next bull run. He argues that by hitting $20,000, the discussion will move from conservative estimates exceeding the number one coin’s all-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000.