While the price of digital assets continue to witness their value spike, the current price of the world’s largest virtual coin, Bitcoin (BTC) suggest that it is still very much the mother of all cryptocurrencies. Mark Keiser, a host of the RT program Keiser Report and former Wall Street trader, said that the Bitcoin price will cross the $15,000 mark this week.
In a tweet, Keiser claimed Bitcoin had replaced gold and assumed a safe haven role thanks to troubles with centralized banking and authorities.
Bitcoin will smash $100K
Keiser added that Bitcoin price will surpass the outrageous $100,000 mark in the long run since the value of negative yielding debt now constitutes more than 25% of the entire investment grade market. This prompted the Federal Reserve to cut interest rates for the first time in more than 10 years.
“Negative sovereign debt = default. A global sovereign debt default is underway.
This is *much* bigger than the 2008 global financial crisis. Money printing about to go hyperbolic. Bitcoin [at] $100,000 is now a dead certainty as is Gold [at] $10,000.”
However, crypto analysts and trader Alex Krüger said right now is not the right time to tell whether Bitcoin will replace gold and become an asset that offers protection in times of financial turmoil. Concerning the price of Bitcoin this week, Krüger believes Bitcoin’s bullish momentum will continue to intensify. Even so, he warned there are several resistance levels that BTC needs to overcome.
“Crypto media [is] trying hard to talk Bitcoin up as a safe haven asset. To be fair we may already be seeing a self fulfilling prophecy. Once enough money see it as a safe haven asset, it will become one.
Chart [is] looking strong. There’s a few resistance levels between $11,150 and $11,600.”
At press time, according to data compiled by CoinMarketCap, Bitcoin (BTC) is trading at $11,700. It has a market cap of $208 billion.