Bitcoin (CRYPTO: BTC) 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.
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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 (CRYPTO: XRP), Cardano (CRYPTO: ADA), and Binance Coin (CRYPTO: BNB) 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
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