In short: Former BitMEX CEO Arthur Hayes no longer believes that Bitcoin will reach an all-time high this year. He stated in a podcast that Bitcoin is unlikely to breach $70,000 this year, but will do so in 2023. Hayes believes that the Bitcoin market will be bullish in 2024, ahead of the 2024 halving event. However, he warned that increasing societal discontent, geopolitical tensions, and continued quantitative easing could trigger an Armageddon-like event, leading to another collapse in the crypto asset in 2025-2026.
Our quick analysis:
Former BitMEX head, Arthur Hayes, known for his bold Bitcoin price predictions, has not given up on the cryptocurrency just yet. He has recently backtracked from his previous statement, stating that Bitcoin is unlikely to reach $70,000 this year, but 2024 could be bullish for the entire market.
In his recent appearance on the 'What Bitcoin Did' podcast, Hayes predicted that Bitcoin's price will only surpass the $70,000 barrier next year. He also explained that the upcoming halving event in 2024 will be crucial in determining the trend of Bitcoin.
According to Hayes, Bitcoin is at risk of facing yet another collapse during 2025-26, driven primarily by printing more money and social discontentment around the world. He further added that rising geopolitical tensions could trigger a major "societal" event, such as a war.
Despite the current stagnancy in the market, Bitcoin is being increasingly used as a "buy-and-hold asset," according to a recent Bitfinex report. Long-term holders have been accumulating at a fast pace, suggesting that individuals view the current market stagnancy as an opportunity to stash more.
Hayes had previously written an essay on the potential of Bitcoin being adopted as a savings vehicle by countries across the world. In the future, neutral reserve currency like gold or crypto, not connected to any particular country, will be used to settle trading balances between blocs, Hayes opined.
In conclusion, while some may see Hayes' predictions of Bitcoin's future as pessimistic, others may see it as an opportunity to buy. It's up to the individual to decide how they view the current state of the cryptocurrency market.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Former BitMEX head, Arthur Hayes, known for his bold Bitcoin price predictions, has not given up on the cryptocurrency just yet. He has recently backtracked from his previous statement, stating that Bitcoin is unlikely to reach $70,000 this year, but 2024 could be bullish for the entire market.
In his recent appearance on the 'What Bitcoin Did' podcast, Hayes predicted that Bitcoin's price will only surpass the $70,000 barrier next year. He also explained that the upcoming halving event in 2024 will be crucial in determining the trend of Bitcoin.
According to Hayes, Bitcoin is at risk of facing yet another collapse during 2025-26, driven primarily by printing more money and social discontentment around the world. He further added that rising geopolitical tensions could trigger a major "societal" event, such as a war.
Despite the current stagnancy in the market, Bitcoin is being increasingly used as a "buy-and-hold asset," according to a recent Bitfinex report. Long-term holders have been accumulating at a fast pace, suggesting that individuals view the current market stagnancy as an opportunity to stash more.
Hayes had previously written an essay on the potential of Bitcoin being adopted as a savings vehicle by countries across the world. In the future, neutral reserve currency like gold or crypto, not connected to any particular country, will be used to settle trading balances between blocs, Hayes opined.
In conclusion, while some may see Hayes' predictions of Bitcoin's future as pessimistic, others may see it as an opportunity to buy. It's up to the individual to decide how they view the current state of the cryptocurrency market.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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