Arthur Hayes, the founder of BitMEX, one of the most popular cryptocurrency exchanges of the time, made interesting statements about Bitcoin (BTC) in a YouTube program he attended.
Former Bitmex CEO Arthur Hayes, who currently runs a family office called Maelstrom, thinks that Bitcoin won't see new highs this year, but will rise from 2024:
“I don't think we're going to hit $70,000 this year, I think we'll break that barrier next year, then 2025, 2026 and then Armageddon.”
Hayes pointed out that the Bitcoin halving event that will take place in 2024 is a key event.
As for his comment on Armageddon, he explained that he was talking more of a social change, like a major war. He pointed to quantitative easing and social unrest as two factors that could lead to such an event.
"It doesn't have to be very direct, it's just the case, there's a lot of money, there's no trust, and people are just trying to make a living," Hayes said. He added that in this scenario, Bitcoin will also fall.
Asked about the US debt limit crisis, Hayes said that this issue would be resolved after a back and forth as usual. But he argued that its timing could cause market volatility and claimed that events of financial disruption usually occur in the fall:
“With the banking crisis, the federal government has to borrow trillions of dollars because they have to finance themselves, you're basically creating a powder keg of a situation that's going to explode in Q3/4 of this year, and so I think it could be pretty good for Bitcoin as a result. It will be quite volatile up and down.”
*Not investment advice.