At the start of this week, things were looking up for the leading cryptocurrency. With a starting price of $11,900, things were looking up for bitcoin. This came especially after last week’s crash at $11,400 midweek. This quick recovery came after news of the FED planning to increase inflation. From here it was clear that the bulls in the industry were determined to push the price of bitcoin to a higher value.
This all primarily came from most of the Keiser Report, Max Keiser. He is a well-known advocate for the leading cryptocurrency and recently said that with Warren Buffett leaving the United States dollar, it is a big sign that bitcoin is on the verge of hitting a new record and potentially an all-time high.
This year has been a strange one, to say the least. The world has been plunged into a harsh recession, one of the harshest many of us will have ever seen. With the impact of coronavirus plunging the world into debt and people’s health being a real concern of the course of this year, anything seems to be on the table.
But on Monday, it was reported that Warren Buffett had bought a 5% stake in one of the top trading companies in Japan. And the total combined investment results in an overall $6 billion was a big indicator of the diverse nature of the billionaire investor’s portfolio.
Max believes that this is a move to mean that Buffett is getting out of the USD as soon as possible. Currently, many people are questioning whether the US dollar is a good backup for the world to reserve currency. Many people are looking to gold but bitcoin is also on the table. Someone like Buffett probably wouldn’t want to get involved with bitcoin as he once compared the digital asset to rat poison.
Finally, Max believes that as the US dollar plunges to new lows, the leading cryptocurrency will spike amongst the turmoil.