Bitcoin BTC/USD advocate Max Keiser on Wednesday warned of a market disaster similar to the 1987 crash.
What Happened: Keiser in a tweet said, "1987-style crash coming. Bitcoin, the ultimate safe haven, will soar past $500,000. Gold will continue getting demonetized by Bitcoin."
The media personality also suggested that Bitcoin exchange-traded funds (ETFs) and domestic Bitcoin mining operations might face governmental seizure in the United States.
Keiser then made a projection about El Salvador, visualizing a scenario where the country would become a sanctuary for a wave of one million middle and upper-class migrants. "1 million middle & upper class migrants will flood into El Salvador"
His tweets were in response to a report highlighting extreme market imbalance, with statistics that showed the top 10% of stocks in the US are currently reflecting approximately 75% of the total market value. This level of concentration has not been seen since the Great Depression era, with Keiser drawing parallels to the Dot-com bubble and the period leading up to the 2008 Financial Crisis.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: In a follow-up tweet, Keiser alerted his followers to brace for a severe market downturn, evoking the memory of "Black Monday" from October 19, 1987—the dark day when markets plunged, erasing $1.71 trillion in value globally.
"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 Cathie Wood's ARK Invest ARKB ETF. They are true Bitcoiners!!" he tweeted.
Last month, Keiser took a jab at specific cryptocurrencies. He termed Ripple XRP/USD, Cardano ADA/USD, and Binance Coin BNB/USD as "sh*tcoins" and accused them of facilitating terrorism.
Price Action: At the time of writing, BTC was trading at $51,616, up 0.38% over the past 24 hours, as reported by Benzinga Pro.
Photo via Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
