Bitcoin bull and former Wall Street trader Max Keiser has recently tweeted out a bullish BTC price prediction, as he noted the cryptocurrency’s “price follows hashrate,” while pointing to a tweet affirming the flagship cryptocurrency’s hashrate is now at an all-time high.
Notably, bitcoin’s hashrate has been growing exponentially in the last few months. While its price dropped from a nearly $20,000 all-time high in mid-December to about $6,750 at press time, its hashrate hasn’t stopped surging.
According to Blockchain.info charts, the network’s hashrate went from little under 5 exahash to over 39 in only 12 months. In comparison, it took the cryptocurrency eight years to reach 4 exahash per second.
The over 600 percent increase saw various analysts let out bullish predictions, as an increase in hashrate means a growing number of entities are investing in the cryptocurrency. In his tweet, Max Keiser noted that “price follows hashrate,” adding that those who don’t understand this don’t understand bitcoin.
Per his tweet, this has been his mantra since the cryptocurrency was trading at $3 in its early days. It isn’t clear when Keiser sees the price catch up to the cryptocurrency’s hashrate, although it seems clear he’s bullish.
Popular YouTuber Ivan on Tech has also argued that miners aren’t panicking, and keep on investing in bitcoin, meaning they’re still bullish. He said: “miners are still in this space and not tapping out,” even though the cryptocurrency’s price declined.
Bitcoin’s price could also benefit from various technological developments. An increased SegWit adoption, coupled with the development of various Lightning Network (LN) developments, showcase in applications including Poketoshi and Satoshis.place, have recently been helping the cryptocurrency scale.
Keiser has in the past reacted to billionaire investor and Berkshire Hathaway CEO Warren Buffett bashing bitcoin, by noting the cryptocurrency is a “reaction to Warren Buffett and his crony capitalists.”
He added that they “don’t want to come down from the pedestals of crony capitalism and free money from banks to address that, so they attack crypto.” While reacting to the point of view Berkshire Hathaway’s vice-president Charlie Munger, he predicted bitcoin will hit $30,000 before he passes away. In other interviews, Keiser predicted bitcoin would hit $100,000.