Max Keiser says Russia, China May Add BTC to Strategic Reserves

Max Keiser says Russia, China May Add BTC to Strategic Reserves

Max Keiser, broadcaster and famous crypto enthusiast, said Russia and China may add Bitcoin (BTC) to their strategic reserves once the gold standard gains ground in the US, U-Today website reported.

Keiser is a harsh critic of the US dollar as he has recently torn a $10 bill to show that the greenbacks are worthless paper and not backed by anything.

Recently, Keiser has predicted the Bitcoin to reach $400,000. Although this level may seem insane, it would not be furious as the 2011 forecasts that came true.

Will Russia and China surrender to Bitcoin?

Keiser’s new theory sounds incredibly improbable as China has banned Bitcoin in 2013. However, after Chinese President Xi Jinping welcomed blockchain in October 2019, the country did not warn against the crypto.  

In addition, Russia too is far from being a crypto hub. Alexey Guznov, director of legal department at the central bank, said the unfinalized crypto regulations in the nation titled “On Digital Financial Assets” will ban the issuance and circulation of cryptocurrencies.

Although the original bill allows the cryptocurrencies in Russia, it seems that the amended version bans almost everything related to cryptocurrencies except for holding them.

The official indicated that the bill would prevent Russian financial institutions from issuing digital assets, but has not offered more clarifications.

Portfolios with 1% Bitcoin outperform

Cryptolydian earlier reported Keiser as saying that portfolios with even 1 percent Bitcoin exposure have more alpha or, in other words, outperformed just about everything in the last five years.

Alpha reflects a portfolio’s performance relative to a benchmark. Portfolio managers aim to produce alpha to minimize unsystematic risk by diversifying portfolios.

While conceding that Bitcoin had a non-zero probability of price going to zero, he also pointed out that it provides ten-to – one capturing downside.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.