Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

BitMEX’s Former CEO Predicts Bitcoin’s Bullish Period in 2024-2025

Published 05/29/2023, 08:40 AM
Updated 05/29/2023, 09:00 AM
© Reuters BitMEX’s Former CEO Predicts Bitcoin’s Bullish Period in 2024-2025

© Reuters BitMEX’s Former CEO Predicts Bitcoin’s Bullish Period in 2024-2025

  • Arthur Hayes states that he isn’t bullish about this year’s BTC price.
  • Hayes points out the possibility of a catastrophe following the ever-high price of BTC that would affect other cryptocurrencies.
  • The American entrepreneur also believes that the current financial dilemma could cause waves in the market.

The American entrepreneur and former CEO of the crypto exchange BitMEX Arthur Hayes predicted the bullish tendency of the largest cryptocurrency by market cap Bitcoin (BTC) in the following years, though he is not bullish about 2023.

In a podcast on the YouTube channel “What Bitcoin Did,” the entrepreneur commented that the high expectations for BTC price wouldn’t turn fruitful this year, but only in 2024 and 2025. He stated:

I don’t think we get up to $70,000 this year, I think next year is when we cross that barrier, then we get the blow-off top [2025], [2026] and then it’s Armageddon.

Explaining the use of the term Armageddon, which literally stands for a catastrophic conflict, Hayes said that he expects a societal change or a major war, as a result of two factors including quantitative easing and social discontent. He added that such a conflict would lead to a further decline in the prices of equities and cryptocurrencies.

When the host raised questions on the prevailing US debt ceiling and its impact on the crypto market, Hayes commented that it would be resolved as usual. Further, he pointed out that the current financial dilemma could cause waves in the market, adding:

With the banking crisis, and you have the federal government issuing trillions of dollars of debt because they need to fund themselves, you’re basically putting this powder keg together of a situation that’s going to be exploding in Q3 or Q4 of this year.

However, he stressed that the catastrophic conditions would ultimately be “good for Bitcoin,” adding that the cryptocurrency could be “quite volatile on the up and the downside.” In March 2023, Hayes predicted that Bitcoin would reach $1 million, following the US Treasury Department’s announcement on a small-value debt buyback transaction.

The post BitMEX’s Former CEO Predicts Bitcoin’s Bullish Period in 2024-2025 appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.