Benzinga - 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.
1987-style crash coming. #Bitcoin, the ultimate safe haven, will soar past $500,000Gold will continue getting demonetized by #Bitcoin
BTC ETF's (& domestic BTC miners) will get seized by U.S. gov.
1 million middle & upper class migrants will flood into #ElSalvador https://t.co/zx3NbrkV5m
— Max Keiser (@maxkeiser) February 21, 2024
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.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
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 @CathieDWood's @ARKInvest