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$500k Bitcoin: The Fed will be "abolished", BTC will be global reserve currency, gold will hit $5k

Kitco News

(Kitco News) - The demise of the Fed is coming, and with the collapse of the current monetary system comes the adoption of Bitcoin as the new global reserve currency, said Gareth Soloway, chief market strategist of IntheMoneyStocks.com.

"What I'm actually calling for is a total collapse of the monetary system, actually. So, there will have to be a reset. And I do think that what we're going to go through as a country, as a world, is something that's going to equal if not worse than 1929 in the thirties of the Great Depression, it is going to be cataclysmic. But from its dust, Bitcoin and cryptocurrencies will rise and be the future of society," Soloway told David Lin, anchor for Kitco News, at the Future Blockchain Summit in Dubai.

Soloway's comments come as Bitcoin rose from its lows in July to reach $60,000 a coin in recent weeks, but has struggled to breach previous all-time highs.

He added that from the demise of the current monetary regime would come a flight to decentralized assets, pushing Bitcoin up to $500,000 a coin, and gold to beyond $5,000 an ounce.

For more information on Bitcoin, altcoins, and gold, watch the video above. Follow David Lin on Twitter @davidlin_TV.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.