Arthur Hayes, who recently announced that he sold all of his altcoin positions except one following the tension between Iran and Israel in the Middle East, explained the conditions for Bitcoin's rise.
BitMEX co-founder Arthur Hayes said that Bitcoin prices will rise if rising tensions in the Middle East push up oil and energy prices.
Hayes argued that if Iran enters into a direct conflict with Israel, particularly by targeting its large oil and gas fields, this could lead to a significant increase in oil prices and the BTC price could also increase.
“Oil and energy prices will skyrocket,” said Hayes, continuing:
“Bitcoin is energy stored in digital form. What happens to the fiat price of Bitcoin if oil and energy prices go up? It will go up.
At this point, if energy prices go up, Bitcoin will be more valuable.”
Hayes finally stated that even if Iran or Israel remove oil from the Middle East market, the Bitcoin blockchain will continue to function and its price will maintain its value against energy and will definitely rise in fiat terms.
*This is not investment advice.