Will Max Keiser’s ‘Full Speed Ahead’ Lead to $220K?

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In a recent X post, Max Keiser, a well-known Bitcoin advocate and advisor to El Salvador’s president, made a resounding call to the global cryptocurrency community regarding Bitcoin’s recent developments, particularly the approval of the spot ETF. Keiser also shared his insights on the factors influencing Bitcoin’s surge to new highs and subsequent price fluctuations.

Full Speed Ahead

In the lead-up to the approval of the spot Bitcoin ETF by the Securities and Exchange Commission (SEC), Keiser pointed out a crucial event.  

According to him, several Wall Street brokers and major banks were limiting their customers from buying spot Bitcoin exchange-traded funds. This move, in his view, played a pivotal role in pushing Bitcoin’s price to new highs. The subsequent SEC approval then pushed the cryptocurrency even higher, just above $49,000.

Keiser thinks things are going the way he expected. But he also says that big traditional banks are finding it a bit hard to adjust to the new world of Bitcoin. Still, he’s telling the Bitcoin community to go will “Full speed ahead!”

Bitcoin Veterans Stay Positive

Despite of decrease in bitcoin price other major Bitcoiners, Samson Mow and Gabor Gurbacs from VanEck (a spot Bitcoin ETF issuer) have been talking about the positive long-term impact of spot ETF approval on Bitcoin. 

Gurbacs points out that major players such as BlackRock and Fidelity possess 25x more Bitcoin than El Salvador’s treasury. Notably, BTC Tether and MicroStrategy hold a significant portion, amounting to $8 billion worth of BTC. This underscores the substantial influence of institutional investors in the crypto industry.

Bitcoin Price Drops Again

Perhaps since last Thursday’s peak, driven by the spot ETF approval, Bitcoin has seen a total loss of nearly 16%. Despite this setback, Keiser remains steadfast in his prediction that Bitcoin could still reach $220,000.

Even with a recent 4.70% dip in the past 24 hours, followed by a partial recovery resulting in an overall 3.4% drop, Bitcoin continues to capture the attention of Max Keiser’s bullish outlook. As per the coinpedia report, bitcoin is trading at $41,330.