$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, andwith the collapse of the current monetary system comes the adoption of Bitcoinas the new global reserve currency, said Gareth Soloway, chief marketstrategist of IntheMoneyStocks.com.
"What I'm actually calling foris a total collapse of the monetary system, actually. So, there will have to bea reset. And I do think that what we're going to go through as a country, as aworld, is something that's going to equal if not worse than 1929 in thethirties of the Great Depression, it is going to be cataclysmic. But from itsdust, Bitcoin and cryptocurrencies will rise and be the future ofsociety," Soloway told David Lin, anchor for Kitco News, at the FutureBlockchain Summit in Dubai.
Soloway's comments come as Bitcoinrose from its lows in July to reach $60,000 a coin in recent weeks, but hasstruggled to breach previous all-time highs.
He added that from the demise of thecurrent monetary regime would come a flight to decentralized assets, pushingBitcoin 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.
By David LinFor Kitco News
Follow @davidlin_TV
dlin@kitco.comwww.kitco.com