Bitcoin could SMASH former all-time record and hit '$28,000 in a matter of days'

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Speaking to Express.co.uk bitcoin pioneer Max Keiser said: “I feel confident we’ll see new ATH, all-time high, this week. More interestingly, in my view, is that once it crosses the new high I think we’ll see $ 28,000 in a matter of days. There will then probably be a pause before a new advance.”

At the time of writing the current bitcoin price per coin sits at $ 19,312.60 (£14,479.14).

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The all-time high for bitcoin was recorded in December 2017, with the cryptocurrency reaching $ 19,783 (£14830.62).

But, this time the price is understood to be soaring because of investment from large financial institutions and influential hedge fund managers, creating “real volume” and acting as a serious competitor as a store of value with gold, experts claim.

Mr Keiser also stated that the current price of bitcoin doesn’t reflect what’s been happening with the hashrate this year.

Bitcoin could SMASH former all-time record and hit ',000 in a matter of days'

Bitcoin is set to smash through its former all time high (Image: GETTY)

The hash rate is the measuring unit of the processing power of the entire bitcoin network.

Mr Keiser said: “If you want to understand bitcoin look at the hash rate, not the price.

“Price is a lagging indicator for hash rate.

“The true, hash rate adjusted price for bitcoin right now is $ 35,000 (£26,238.28).

READ MORE: Bitcoin price could rocket to ‘$ 1,000,000’ as big institutions buy directly from miners

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Bitcoin could SMASH former all-time record and hit ',000 in a matter of days'

Bitcoin is set to smash through its former all time high (Image: GETTY)

“Follow the hash rate, now at 111 quintillion calculations per second.”

The higher the hash-rate the more valuable are the bitcoin in existence.

Mr Keiser said: “A rising hash rate makes bitcoin harder, more valuable.

“The hash rate has been going up all year when the price was flat.

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Bitcoin could SMASH former all-time record and hit ',000 in a matter of days'

Bitcoin has seen support from hedge fund manager Paul Tudor Jones (Image: GETTY)

“Now the price is catching up to hashrate.””

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Referencing bitcoin’s competition with gold as a store of value, he added: “$ 1 billion in bitcoin weighs nothing.

“And you can memorise the passphrase and go anywhere with it.

“This is why the world’s wealthy are dropping gold and buying bitcoin.”

Bitcoin could SMASH former all-time record and hit ',000 in a matter of days'

Bitcoin is set to smash through its former all time high (Image: GETTY)

To transfer $ 1 billion (£0.75 billion) in gold bullion the current fee is $ 1,000,000 (£0.75 million).

To transfer $ 1 billion (£0.75 billion) in bitcoin the current fee is $ 5 (£3.75).

The sentiment about gold is echoed by the CIO of financial firm Blackrock, Rick Rieder, who said bitcoin, “is here to stay” and that it is a durable mechanism that could replace gold.

Crypto asset analyst at eToro, Simon Peters, also said: “Bitcoin’s exceptional run continues, with an all-time high of $ 20,000 (£14,980) now within touching distance.

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“At this rate, I wouldn’t be surprised if bitcoin becomes a key topic at the Christmas dinner table.”

Mr Peters added: “I think we will see some investors taking profits when bitcoin does hit the $ 20,000 (£14,980) mark, resulting in the price dipping slightly, which could present a buying opportunity.

“Secondly, there are some estimates that predict bitcoin could get to $ 89,000 (£66,655.21) by the end of next year.

“Although, it should of course be highlighted that these models vary widely and crypto is still a volatile market, so it’s important not to invest more than you are comfortable losing.”
ends


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