Former BitMEX co-founder, Arthur Hayes, has made an eye-catching forecast regarding Bitcoin’s future. Amidst central banks globally tightening their monetary policies, Hayes envisions the cryptocurrency soaring to an impressive $750,000 to $1 million by 2026.
Ambitious, right? Here’s his reasoning.
On September 12, Arthur Hayes revealed his perspective on Bitcoin’s potential trajectory. He expressed concerns about the substantial debt accrued by the U.S. government, coupled with the Federal Reserve’s decision to increase interest rates since March 2022.
Hayes outlined several critical factors that could propel Bitcoin to such high values.
1. A Looming Monetary Crisis
Hayes thinks that a monetary crisis may arise, wherein fluctuating interest rates that fail to keep pace with the government’s excessive spending. In this scenario, Hayes posits that Bitcoin’s value could reach approximately $70,000 by the close of 2024. This projection is partly attributable to the forthcoming “Bitcoin halving event” scheduled for April 2024.
2. The ETF Game Changer
Hayes also anticipates a significant development on the horizon. He predicts that prominent asset managers in the U.S., Europe, and possibly Hong Kong will soon introduce multiple exchange-traded funds (ETFs) centered around Bitcoin. According to Hayes, this development would boost a successful bull market for Bitcoin.
3. Stock Market Boost
Hayes isn’t just talking up Bitcoin. He believes other financial streams like NASDAQ and S&P, and major stocks will also hit their highest points ever.
Bitcoin has enjoyed notable gains in recent times, surging by approximately 29% since March. Despite briefly flirting with the $30,000 price threshold without quite reaching it, Bitcoin is currently trading higher than in the past, when it hovered around the $24,000 mark.
Currently, it is trading at $27,635.
Hayes also turned his attention to the stance of nations regarding cryptocurrencies, with a particular focus on China.
According to Hayes, China’s primary concern centers on maintaining stability within its society. The Chinese authorities fear that unchecked buying and selling of cryptocurrencies could potentially disrupt social order. Additionally, environmental concerns linked to Bitcoin mining and energy consumption have played a pivotal role in shaping China’s stringent regulatory measures.
Hayes additionally highlighted Hong Kong’s unique position in the cryptocurrency world. He envisions Hong Kong becoming a significant player due to various political and technological factors.
So, Arthur Hayes believes that Bitcoin is heading for big things, even though central banks are tightening money rules and there are some hiccups with government regulations. However, the king can certainly tide through it all. Right? You tell us.
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