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Is Bitcoin the orange pill? Max Keiser and Stacy Herbert discuss what everyone gets wrong about BTC Is Bitcoin the orange pill? Max Keiser and Stacy Herbert discuss what everyone gets wrong about BTC

Is Bitcoin the orange pill? Max Keiser and Stacy Herbert discuss what everyone gets wrong about BTC

The Bitcoin boom in 2020 is undoubtedly one for the history books.

The Bitcoin boom in 2020 is undoubtedly one for the history books. The year is turning out to be one where the pioneer cryptocurrency has shed off its underground image and has found its way to the portfolios of legendary investors, software companies, and even sovereign funds.

Proponents are having a field day like never before. After all, it’s the start of the end of years of anti-Bitcoin government regulations, naysayers, and poor understanding of both Bitcoin and the broader crypto market (with advancements across stablecoins and DeFi apps).

Max Keiser and Stacey Herbert are two such individuals. Together, the husband-wife team head Heisenberg Capital and are hosts of the Keiser Report on RT. Keiserโ€™s background is in brokerage, banking, options trading, and financial technology innovation, while Stacey is an American television producer and writer, apart from her work at Heisenberg.

Max Keiser (R) and Stacy Herbert (L). Image: Cryptonites.

Keiser was awarded a US patent for his virtual specialist technology for trading virtual securities and currencies. This patent launched (Hollywood Stock Exchange) and marked the start of both virtual currency trading and commercial prediction markets.

Today, the duo joined Cryptonites host Alex Fazel for a talk on Bitcoin, its rise and future, the end of naysaying, and the crypto rabbit hole that he and many others fell into the past years, discussing what most academics got wrong about Bitcoin and everyone is still very early.

Hereโ€™s all they said.

Discussing Bitcoin at $1

Keiser started off with a very impactful line about Bitcoin. โ€œYou know, the US dollar, as Paul Krugman says, is backed by violence. Bitcoin is backed by peace,โ€ he noted to Fazel.

Keiser and Stacy have been advocates of Bitcoin since the very early days of the industry, famously putting out videos about it on YouTube back when the asset traded at a few dollars.

โ€œIt was a continuation of the work I was doing in the mid-90s when I invented virtual currencies at that time. And this solved the centralization problem when I saw the white paper. So I got interested in it and started buying Bitcoin at $1 and realized it was going to probably take over gold as a reserve currency,โ€ explained Keiser about how he got into Bitcoin back then.

Stacey, whoโ€™s been educating the populace about the space since 2011, chimed in. โ€œThe dollar has hyperinflated against Bitcoin, which is the only honest standard around the world at the moment.โ€

She added:

โ€œSo you have seen that all fiat currencies have hyperinflated against Bitcoin.โ€

Gold bugs, Bitcoin, and what Buffett gets wrong

A major part of the talk with Fazel revolved around how Bitcoin skeptics have been continually wrong since its early days, and even more so as their stance does not change ever as Bitcoin comes so close to โ€œreplacing gold.โ€

โ€œSo I think we’re seeing that in the market is that gold is flatlining against Bitcoin, and the industry is moving to Bitcoin, sovereigns are moving to Bitcoin, and corporations are moving to Bitcoin,โ€ said Keiser, adding that such a move pegs the long-term value of each BTC atย over $500,000.

Meanwhile, he added that government bailouts had a huge hand to play in legendary fund manager Warren Buffettโ€™s wealth advances in the past few decades. Buffett has famously downplayed Bitcoin and suggested (at multiple instances) that the entire market is a Ponzi scheme.

โ€œIf you strip out the bailouts and his performance, he’s underperforming the money market fund for 30 years. I wouldn’t place any value on his opinion either,โ€ said Kaiser about Buffettโ€™s opinion on the crypto market.

Stacy added in the regard:

โ€œWe’re at the end of the Fiat Dark Ages and the beginning of a new Fiat in a new Bitcoin renaissance in that he’s dumping all of his bank stocks like he’s held there for decades.โ€

She noted Buffettโ€™s even dumping bank stocks, scaling back equity market positions, and investing big into Japanese conglomeratesโ€”all signs of a move away from the US dollar.

What comes next for Bitcoin? How do academics, investors, and tech entrepreneurs embrace the new financial paradigm? And lastly, where is the Bitcoin market going ten years from now? Catch Keiser and Stacy discuss it all out in the latest Cryptonites videos, available for streaming in full below.