With the recent tumble in the value of the pound, Max Keiser has called upon Brits to “load up on Bitcoin” if they want to keep hold of their wealth.
This morning, we again saw turmoil in the international fiat currency markets as the pound dropped to its lowest level against the dollar in 18 months. This was due to uncertainty over the Brexit negotiations and possible delays in a Brexit deal vote scheduled for Tuesday in the British House of Commons.
£ is crashing and heading to $ parity. Brits need to load up on #Bitcoin right now if they want to hold onto their wealth. pic.twitter.com/5syKvQoxsK
— Max Keiser (@maxkeiser) December 10, 2018
The Keiser Report has now been running for over 9 years (since November 2009) on the Russian RT network. Max Keiser is famous for recommending Bitcoin as a ‘buy’ when it was still trading in the single digits.
In this weekend’s episode, Max and Stacy Herbert discussed topics ranging from state gold reserves to new competitors eying up the global dominance of the US dollar as the global reserve currency.
Neo-mercantilism
“As we get into neo-mercantilism, we can get into a situation with more of a gold-backed reserve currency,” said Max. “Those countries with the most gold are going to do the best. China has been buying a lot of gold but so has Russia.”
The US Federal Reserve has 8,000 tons of gold on their balance sheet, but according to Max Keiser, “It may actually have a lot less, as they have been selling and leasing a lot of these reserves out to other countries.”
African savanna
Stacy Herbert compared the situation to the African savanna. “Today, you may have the big alpha-male lion, who is currently ‘king of the jungle’. But there are always younger lions lurking around the edges and looking for any sign of weakness.”
“The USA has always had a lot of weapons, whether that was nuclear war or the threat of US sanctions on the SWIFT system.”
Stacy went on to suggest another global superpower like Germany could establish their own competitor to the SWIFT system to stop the USA’s ability to economically purge states like Iran.
Calling out UBS
Stacy Herbert also mentioned how Paul Donovan (chief economist for the Swiss financial services firm UBS) recently denounced Bitcoin by saying “I come to bury Bitcoin, not to praise it.”
Stacy pointed out that UBS was bailed out to the tune of billions of dollars by legacy institutions like the ECB and the FED. Max replied by pointing out that “Bitcoin is not going to bail out UBS. No one will bail out Bitcoin either because it’s anti-fragile. Every day it goes on it gets stronger against the charlatans like UBS.”
“These guys have a real problem because you can now settle hundreds of millions of dollars worth of trades instantaneously, and for pennies – UBS charge them millions for this.”
Max wasn’t really too optimistic on UBS’ future, as he concluded, “They are on the way out, that’s the legacy [way].”
Max tweeted out a warning to the public today: “The only places to hide are Bitcoin, gold, and silver. Act now, or lose it all.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.