Bitcoin

Max Keiser Says Challenging Bitcoin Makes Economist Look ”Really Stupid”

Max Keiser Says Challenging Bitcoin Makes Economist Look ”Really Stupid”

The American broadcaster and host of the self-entitled financial Keiser Report, Max Keiser, is a well-known Bitcoin proponent. Keiser has long been transparent in his support for cryptocurrencies as a means in the pursuit of individual financial sovereignty, and has recently made some further comments to this end.

Mainstream economists are increasingly ”looking really stupid”

Specifically, a recent episode of the Keiser Report saw Keiser explain that he will soon speak at an upcoming Bitcoin event. Moreover, he then went on to illustrate his conviction in relation to the nascent technology.

”Bitcoin is on is own journey and it has a way of making people who challenge it look really stupid,” Keiser began, before continuing to delve deeper into this subject.

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”In the Bitcoin space, of course, you have Craig Wright, you had Roger Ver, you had Mike Hearn, these type of people who suffer from Bitcoin Derangement Syndrome.”

”Now in the past couple years, you’ve got Nouriel Roubini, Paul Krugman, and a few others that are in mainstream economics who are looking really stupid because the never took the time to investigate what Bitcoin is all about.”

This came as Keiser’s co-host, Stacy Herbert, had noted the recent surge in the price of Bitcoin. This price increase has mainly been attributed to the hike in the Federal Reserve’s rate stance, which indicates that low-interest rates may remain until 2020.

Could governments compete for hash power?

In addition to this, Keiser also suggested that a state-controlled actor might soon step in and begin to mine Bitcoin for what Keiser dubs ”strategic reserve purposes”.

Furthermore, Keiser also expanded on this, predicting that national entities will complete for hash power in the future, in a bid to gain control of the Bitcoin network. Keiser also noted that this could drive the price of Bitcoin dramatically higher.

”The hash wars will be played out on a state level and that’s what will take us to all-time highs.”

Nevertheless, it should be noted that this prediction is far from a universally accepted opinion. Many of those who are invested in Bitcoin and cryptocurrencies do so primarily to escape governmental monetary control – and are unlikely to sit idly by if nation-states attempt to seize control over the Bitcoin network.

It is uncertain whether or not Bitcoin would be able to sustain the same level of interest from people if it becomes controlled by governments. However, it is also uncertain whether governments would even be able to seize control over it.

As such, it remains to be seen what comes of Keiser’s predictions – although there are already countless examples that lend credence to his comment that Bitcoin and cryptocurrencies could make fools of traditional economists.

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