“There is no such thing as a high value for Bitcoin as a result of there is no such thing as a backside for fiat cash(foreign money)” mentioned Max Keiser, Host of The Keiser Report. Fiat cash is foreign money which doesn’t have intrinsic or use worth by itself. It solely has worth as a result of the federal government maintains its worth.
Keiser, who can be the Co-Host of The Orange Tablet Podcast spoke to David Lin, anchor for Kitco Information.
“If you’re going to value Bitcoin and fiat cash, the value is infinity, as a result of fiat cash has no backside, whereas Bitcoin has no ceiling. In case you priced it in ounces of gold, that might be a extra legitimate approach to value it,” Keiser continued. “I’m not positive precisely what the alternate fee is for an oz. of gold is to Bitcoin. However no matter it’s, you possibly can multiply it by 100 occasions and that’s the place we’re headed.”
Keiser, who’s a self-proclaimed Bitcoin maximalist, mentioned why he doesn’t like altcoins.
Altcoins are all different cryptocurrencies that aren’t Bitcoin. “When Bitcoin was present in 2009, it was an absolute scarce digital commodity, and there was no expectation of cashflow,” Keiser defined. “All the pieces that got here after Bitcoin is actually saying we’re like Bitcoin, however due to the way in which it’s completed there may be an expectation of cashflow. Subsequently, it’s a safety, and the SEC has the fitting to close down each altcoin there may be. All altcoins are merely unregistered safety gross sales.”
“Bitcoin is decentralized, however altcoins are all both completely centralized or comparatively centralized to Bitcoin. There’s a single level of failure, they’re simple to take down,” he mentioned.
Many cryptocurrency consultants have change into bullish on Ethereum for a lot of causes, however not Keiser.
“Ethereum is centralized rubbish, its transactions are reversible as they’ve been many occasions previously. It has an enormous pre-mine that’s dropped onto the market, which is messing up value discovery. It’s bought large points when it comes to auditing. “No person is aware of what number of Ethereum there are. No person on the planet is aware of what the rely is,” Keiser mentioned.
“It’s a very nebulous quantity, and the provision retains increasing extemporaneously relying on the central committee of Ethereum that decides, with none understanding by the market what’s going on to run the networks,” Keiser emphasised. “It’s all centralized, it’s simple to assault, and it is going to be attacked. You see all types of value actions on a short-term foundation.”
“It’s not simple to grasp why sure issues are buying and selling the way in which they’re as a result of you could have dislocations and value disparities and markets on a regular basis,” he added.
For extra on Keiser’s views on cryptocurrency, watch the total video above. Comply with David Lin on Twitter @davidlin_tv (https://twitter.com/davidlin_TV).
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