American broadcaster and Bitcoin proponent Max Keiser believes the stablecoin issuer Tether and El Salvador, as well as the declining United States dollar (USD), will push BTC’s price to $220,000 in no distant time.
In a Saturday tweet, Keiser said the USD is doomed because inflation will “sky harder,” while this happens, BTC will be well on its way to $220,000.
The USD Is “F****d”
In comments sent to CryptoPotato, Keiser explained that Tether’s stablecoin business is strengthening Bitcoin and weakening the USD, which forces the U.S. government to keep raising interest rates.
According to the Bitcoin bull, every country in the BRICS union, including China and Russia, has understood that the United States is dying in a debt trap of its making, possibly leading to hyperinflation in the printing of USD. As a result, China and Russia are discarding the USD as the world reserve currency and conducting bilateral deals instead.
Worse still, BRICS is reportedly launching a new, gold-backed digital currency later this year, putting “the final nail” into the dollar and the North Atlantic Treaty Organization (NATO).
While BRICS continues its fight against the U.S., American financial services firm Cantor Fitzgerald and Tether have an ongoing speculative attack against the dollar, Keiser added. Unfortunately, the attack would hasten the demise of the fiat currency.
Tether’s Role in The Dollar’s Demise
Millions of crypto users swap fiat money for Tether (USDT), and the stablecoin company, in turn, swaps the fiat for U.S. treasuries at Cantor, using the interest paid by the firm to buy more BTC. With the increasing rates in the U.S., Tether’s profits are rising, as are the company’s BTC purchases.
“It’s a USD doom loop that can’t be stopped,” Keiser said.
Besides Tether, Michael Saylor’s business intelligence firm MicroStrategy is part of the speculative attack, according to Keiser. The broadcaster said the difference between the two firms is that MicroStrategy has to “dilute shareholders with serial issuance of preferreds,” while Tether does not need to pay any interest.
With time, the pace of BTC purchases from several entities, including Tether, MicroStrategy, and El Salvador, will explode, Keiser noted. Speaking about the first country to legalize BTC as a legal tender, Keiser, who has had several meetings with the nation’s President, said:
“El Salvador is always looking to increase its bitcoin position, substantially so.”
On the other hand, the dollar will implode, and soon, no market participant will accept fiat for BTC. The rise in BTC purchases would push the asset’s value to $220,000, he asserted.
By the time the U.S. launches their central bank digital currency, it would be too late, as the BRICS currency will be the world reserve currency, Bitcoin will be the world’s reserve asset, and Tether will be the global replacement for the SWIFT network.