The US dollar is becoming so enfeebled by excess printing that even billionaire investor Warren Buffett is jumping ship. But this debasement of the world’s reserve currency is good news for bitcoin holders, according to analyst and TV presenter Max Keiser, because it will push its price to all-time highs.
The RT host believes safe-haven assets will significantly outperform fiat currencies, a fact that Buffet, who recently invested heavily in Barrick Gold, appears to be acutely aware of.
“Buffett’s move into Japan, along with his GOLD investment, confirms he’s getting out of USD BIGLY,” Keiser tweeted on Monday. “USD is trending lower today, about to break key support. Bitcoin – Gold – Silver Will all make new ATH in the near term.”
Keiser was referring to the nonagerian tycoon’s move into Japanese assets, taking a 5% ($6 billion) stake in the country’s five biggest trading houses, Reuters reports.
“The five major trading companies have many joint ventures throughout the world and are likely to have more. I hope that in the future there may be opportunities of mutual benefit,” Buffet said in a statement.
The announcement came days after the Federal Reserve confirmed that it would let inflation rise above its 2% target as a temporary measure, something which weighed heavily on the dollar, Cointelegraph reports.
After volatility, the USD currency index (DXY) began plumbing new depths on Monday, bouncing off its lowest levels in two years. Late in July, when those levels first appeared, Bitcoin saw a price jump to $12,500.
As Cointelegraph reported, expectations remain that further dives in DXY will produce similar effects.
The Berkshire Hathaway CEO’s recent shift from airline and bank stocks into gold represents a major change in direction for the “Oracle of Omaha,” who has traditionally not been a believer in the safe haven. Nor is he a believer in bitcoin, which he described in a 2018 television interview as “rat poison squared.”
However, Keiser believes he will do a volte-face once the crypto reaches $50,000 and start accumulating alongside bitcoin-loathing goldbug Peter Sciff.
“Warren Buffett will start panic-buying bitcoin at $50,000, just like Peter Schiff,” he told Cryptopotato.
Last week, the so-called “Buffett Indicator” warned about a stock market crash, even as large-cap equities continued to soar, Cointelegraph reports.
Prior to that, Anthony Pompliano, co-founder of Morgan Creek Digital, publicly bet on Buffett eventually buying Bitcoin after he revealed moves into gold.
At the time, Keiser asserted that the gold entry alone would spark a run among investors, helping push BTC/USD to $50,000.