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