Co-founder of BitMEX predicts that Bitcoin’s value will rise to $750,000 to $1,000,000 by 2026
Former BitMEX CEO Arthur Hayes recently gave his thoughts on Bitcoin’s future on Tom Bilyeu’s Impact Theory podcast.
Yesterday, Ray Salmond of Cointelegraph reported that Hayes had forecast that the value of bitcoin will rise to between $750,000 and $1 million by the year 2026. He gave many explanations for his optimistic outlook, including government involvement, inflation, and the overall health of the world economy.
He forecasts a big bull market in equities, real estate, and cryptocurrency before the impending disaster. Hayes argues that the government’s habit of intervening during recessions lies at the heart of the problem with the United States’ economy. This interference, he argues, throws off the market’s natural cycles and starts a never-ending cycle of money creation that feeds inflation.
Hayes stresses that the government will be forced to resort to money printing due to rising debt, the need to rollover that debt, and falling productivity. Although this might spur bull markets in the short-term, it would ultimately cause inflation to spiral out of control. He thinks the market will reach its zenith in 2026, and then crash badly by the end of the decade.
Hayes mentions the $7.75 trillion in U.S. debt that must be turned over by 2026 as a prospective contributor to inflation. U.S. bond yield curve inversion is another issue he cites. According to Hayes, the regulatory frameworks that foster risky financial activities have rendered the U.S. banking industry effectively bankrupt. Because of this bankruptcy, the system can’t acquire as much debt, which worsens the economy’s precarious state.
Hayes argues that the difficulties of conventional financial institutions will cause people to look at other investing opportunities, such as Bitcoin. He thinks Bitcoin is a good way to diversify a portfolio because of its fixed supply and high return potential.
Hayes is pessimistic about the world and American economies, but he is bullish about the future of Bitcoin. In the foreseeable future, he sees the cryptocurrency’s value ranging from $25,000 to $30,000. But he predicts that by mid-2024, Bitcoin’s price might hit a new all-time high of $70,000 thanks to the adoption of a spot Bitcoin ETF in multiple areas and the forthcoming halving event. After that, he thinks Bitcoin will start a second development phase, taking it to between $750,000 and $1 million by the year 2026.
Hayes released an article on the future of the crypto market on October 6 that focused on the connection between happiness and market situations. A rise in fiat liquidity and the widespread use of artificial intelligence (AI) are the two main drivers of the exceptional bull market that Hayes expects to occur in the cryptocurrency market between 2023 and 2026.
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