Max Keiser, a pro-Bitcoin advocate and crypto podcaster, claimed that Bitcoin (BTC) could still touch the $220,000 threshold in 2022 despite the recent sell-off witnessed in the cryptocurrency sphere.
The crypto advocate tweeted such a forecast several times early this year. He keeps arguing that the limited BTC supply still plays a critical role in helping to keep the bullish mood for the world’s largest cryptocurrency by market capitalization.
In fact, only 21 million coins can be mined, and the way that BTC is programmed does not allow to extend it further. As of press time, over 18 million Bitcoins have been mined, although it will take several years to mine the remaining three million.
Additionally, Keiser stated in previous times that the high growth of the Bitcoin price would be preceded by the massive growth of Bitcoin’s hash rate. So far, Bitcoin is exchanging hands at $20,733, now trading 0.88% on the day.
Bukele and Schiff Comments on the Sell-Off
Commenting on the Bitcoin price decline, Nayib Bukele, the President of El Salvador, issued a brief comment via Twitter: “I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in BTC, your investment is safe, and its value will immensely grow after the bear market. Patience is the key.”
Peter Schiff, a crypto skeptic, replied to Bukele’s tweet with the following comment: “That advice is as bad as your advice to buy the top. How can you say an investment in Bitcoin is ‘safe’ when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels.”
Nowadays, Bitcoin is now down by almost 72% from its all-time high, while the crypto market cap plunged below $900 billion on Saturday.
This article was written by Felipe Erazo at www.financemagnates.com.