Max Keiser says Pros Buying Bitcoin Before Futures Launch; Calls Warren Buffet a Rat - KDTV6 CYPTO NEWS

Saturday, December 9, 2017

Max Keiser says Pros Buying Bitcoin Before Futures Launch; Calls Warren Buffet a Rat

Speaking in an interview with Kitco News, Max Keiser shared his opinion on Bitcoin's recent market growth and criticized Warren Buffet and Jamie Dimon for their negative comments about the cryptocurrency.

It would be an understatement to say Bitcoin has had an eventful week, starting December at around $10,000 and stopping short of $20,000 on December 8 (some exchanges traded over $20,000). While the ride has been exciting, many, including American broadcaster Max Keiser believe it’s all because of professional investors pouring money into the cryptocurrency.

Speaking in an interview with Kitco News, Max went on to explain his opinion, and predicted that Bitcoin prices would continue to go higher until the upcoming future contracts are launched:
“I know what’s going on now is that all these guys [Professional Investors] are building up their inventory. They need an inventory; they need a basis for Bitcoin that’s relatively low going forward. They are going to ramp this all the way up at a much higher price before they launch these futures products. Then you’re going to see volatility, but from a much higher level, and then the game gets even more interesting. That’s what you’re seeing this past week and a half...”
In November, both, the Chicago Mercantile Group and the Chicago Board Options Exchange confirmed the dates of their much-anticipated Bitcoin futures contracts, with the former going live on December 18 and the latter starting this Sunday, December 10, 2017.

The announcements were followed by a major Bitcoin rally, spurred on by the anticipation of greater highs with institutional money entering the picture. There is, however, some doubt as to the positive impact of these futures products, as financial experts point at the ease with which they can allow investors to short Bitcoin (bet against it).

Commenting on the entry of professional investors, Max said:
“When CME said green-light the futures, it’s a relatively peanut market compared to bond futures, currency futures, stock futures - it’s minuscule. The pros have got to get massive inventory at hand so they can play the games they like to play.”
In response to a question about Bitcoin being termed a bubble, the Keiser Report host went on to compare the cryptocurrency to Snapchat, the messaging app, and cited how Snapchat’s growth in users is considered positive, and the same should be true of Bitcoin, which according to him, is also a messaging app in part.

Max also took a jab at Warren Buffet near the end of his interview, and included Jamie Dimon in the same comment:
“We are still talking about 10x gains from here in medium term. It [Bitcoin] will outperform stocks, bonds, gold. It’s going to outperform Warren Buffet. He famously compared Bitcoin to rat poison, and he is right! Guess what? Warren Buffet is the rat. Jamie Dimon is the rat.”

BTC: 1oj2fx1nBsRVyvgVaNpzYRgHtwtpdokar
LTC: 0xe2f3d016e0740c279d8521d04f63c1f9be4fe71e
ETH: Ldx5gmhVPkfUaq9mpV4KiMyF7KagHhLDbq
BCH: 1K6PmYwpLhsP8ubEYni5SksMuXoimoDYRv



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