Mr. Keizer argues that the long-term price trend of bitcoin will see an increase, as investors use it as a safe haven, fearing that the US dollar may depreciate due to quantitative easing by the US Federal Reserve. The Biden administration is hoping to get a $ 2 trillion (£ 1.5 trillion) to $ 3 billion (£ 2.28 billion) stimulus package passed by the US Senate. A stimulus injection will be used to mitigate an economic downturn caused by the coronavirus pandemic.
“Biden will see this and wrongly push for more ‘stimulus’ to print fiat money from the Fed that will only make America’s position worse.
“He will do it on the advice of the same Democratic advisers who got Obama to bail out Wall Street in 2008 by transferring $ 20 trillion of American savers and workers to Wall Street banks via zero percent interest rates.
“Biden is going to trash talk about Bitcoin and it will seal America’s downfall and fate as a failed empire.
“In its place, of course, China.
Mr. Keizer, who is also considered by many to be the “high priest of bitcoin”, added: “Biden will inadvertently, not by design, increase the price of Bitcoin to $ 400,000 by pushing for more ‘stimulus’ and going the route of MMT (modern monetary theory) which increases the centralization of the economy further. more than it guarantees now even more mismanagement and corruption than we are seeing now.
“Biden’s Bitcoin blindness will go down in history as the biggest cause of America’s downfall and collapse as a world power. “
Senate Republican Majority Leader Mitch McConnell admitted the nation “needs another bailout.”
He said on Wednesday that this package was needed “before the end of the year”.
Currency markets expect any stimulus package to have a significant impact on the value of the US dollar.
The consequences of this were today highlighted by Mr Keizer who tweeted: “A Trump concession will add $ 1,000 (£ 760) to the price of bitcoin as the market moves away like hell from the US dollar in bitcoin knowing the Biden’s only policy, as already stated, is to print like never before.
“Bitcoin is pumping Biden’s talk like I said… As he gets closer to WH, the panic buying of BTC to smart money will increase exponentially. ”
READ: Bitcoin Prices Soar To Over $ 10,000 As Investors Ditch Other Cryptocurrencies
“He’s the single most important thing to hit bitcoin in many years. ”
Confidence in bitcoin was boosted after US tech entrepreneur Michael Saylor announced plans to explore buying the cryptocurrency.
The entrepreneur wants to invest millions in Bitcoin instead of holding money.
His company MicroStrategy invested $ 250 million (£ 190 million) in its cash stock to buy 21,454 bitcoins in July.
In September, he announced that he had purchased an additional $ 175 million (£ 133 million) of bitcoin.
Speaking to CoinDesk, a cryptocurrency outlet, he said: “I want something that I could invest $ 425 million (£ 323 million) in for 100 years. ”
The US Treasury wants to reduce the inflation rate to 2%, but hopes in this direction are diminishing with the economic difficulties caused by the coronavirus pandemic.