People are going to buy Bitcoin (BTC) in droves — because in that location volition exist no gilded for sale due to coronavirus, Max Keiser predicts.

In a recent edition of his Keiser Report news programme on March 31, Keiser said that the coronavirus pandemic will push billionaires into gold every bit a safe haven.

Keiser: people will "flock en masse" to BTC

Once supplies are bought upwardly and stockpiled, the only culling left is Bitcoin.

He summarized:

"I predict — and this is not but the ultimate utilise case but the ultimate irony — that once people realize that they cannot become aureate, they'll first flocking en masse into Bitcoin."

The basis for the claim was a report from Bloomberg from March 25 which warned that the gilded manufacture was "facing unprecedented turmoil" due to a fasten in demand.

As Cointelegraph reported, the precious metal has seen noticeable price volatility in 2020. From lows of $1,469 merely two weeks ago, markets take since shot upwardly to highs of $one,629 — an increase of 10.nine% in only one week.

Bitcoin versus gold 1-year chart

Bitcoin versus gilt ane-year chart. Source: Skew.com

Coronavirus: is gold the next toilet paper?

Golden has a number of drawbacks over Bitcoin. In contrast to the cryptocurrency, information technology is costly and risky to move, especially beyond borders, and mostly needs a trusted third party to store information technology. Unlike on the Bitcoin blockchain, there is as well no way for the market to know in existent-fourth dimension whether a particular unit of measurement of gold is genuine.

Gold is also afflicted by the miracle which has impacted every money in history except Bitcoin — the higher the toll, the more effort humanity devotes to increasing the supply.

As Saifedean Ammous notes in his book, "The Bitcoin Standard," Bitcoin cannot have its supply increased, fifty-fifty if its price rises dramatically, due to its difficulty adjustment feature.

On the topic of supply, the Keiser Study added that this time, unlike the financial crisis of 2008, gilt mines are shutting down over coronavirus, ironically stifling the opportunity to heave the supply.

"We could be encountering a astringent crisis in the gold markets, only like in the toilet paper markets," co-host Stacey Herbert summarized.

Keiser had previously stated:

"Remember: billionaires recollect of gilded and silver the style the unemployed think nigh toilet paper."