Bitcoin to Win As Stocks Eye Major Crash: Max Keiser

Financial journalist and Bitcoin maximalist Max Keiser has endorsed Bitcoin in his recent tweet. He also stated that he expects the US stock markets to face a massive crash.

He has also mentioned the fact of investors starting to move funds from gold ETFs into spot Bitcoin exchange-traded funds. Earlier, Michael Saylor also made a Bitcoin statement, dismissing gold.

“Another 1987-style crash coming”

In his tweet, Keiser made a warning that he expects stocks to be preparing for a “1987-style crash”. That historic day is called “Black Monday” and it was October 19, 1987, when the stock markets collapsed. The worldwide damage from that amounted to a whopping $1.71 trillion with many comparing that unfortunate event to the Great Depression.

Among the reasons for the stocks crash were named overvalued stocks, rising interest rates and US trade and budget deficits.

Stocks are setting up for another 1987 style crash. #Bitcoin will emerge triumphant as the ultimate safe haven.

Money is already fleeing Gold ETF’s and pouring into BTC ETF’s

I like @CathieDWood’s @ARKInvest

👉 #ARKB ETF

They are true Bitcoiners!! https://t.co/x3PIAejjJZ

— Max Keiser (@maxkeiser) February 20, 2024

As Bitcoin maxis always do, Max Keiser tweeted that he expects the world’s flagship cryptocurrency Bitcoin to emerge as “the ultimate safe haven” here. Keiser also attacked a tweet by economist Don Johnson who cited billionaire Stanley Freeman Druckenmiller’s statement on the 1987 stock market collapse.

Funds moving from gold ETFs to Bitcoin ETFs

Keiser also made a point of stressing that currently funds have started moving out of gold-based ETFs into spot Bitcoin exchange-traded funds. Over the past hour, Bitcoin price printed a massive green candle soaring to the $52,800 zone and then it went back down to $52,041.

On Monday, Bitcoiner Michael Saylor, founder of MicroStrategy business intelligence giant, doubled down on his bet on Bitcoin, dismissing gold. He tweeted that since August 2020, the world’s leading cryptocurrency had increased by more than 330% in total, while gold had gone down by 1%. Since January 11, when the Securities and Exchange Commission approved spot Bitcoin ETFs, the Wall Street companies who issued these ETFs have been acquiring massive amount of Bitcoin on a daily basis – 12.4 times more than the Bitcoin amount minted by miners per day.

Today news was spread that the amount of Bitcoin amassed by eight Bitcoin ETFs out of eleven has almost reached the astounding level of $14 billion.

World’s biggest fund manager BlackRock has purchased almost half of this total amount – $6.23 billion worth of BTC.

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