Ex-CEO of BitMEX calls the condition for bitcoin growth to $1 million

This will be facilitated by excess liquidity in the financial market

24.03.2023 - 09:45

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3 min

What’s new? The former head of the BitMEX crypto exchange Arthur Hayes claimed in a Bankless Podcast on YouTube that bitcoin could reach $1 million. However, unlike former Coinbase exchange CTO Balaji Srinivasan, who claims that the first cryptocurrency will rise to that mark in the next 90 days, Hayes named a longer period.

The full version of the interview

What condition for growth did Hayes name? According to the former BitMEX CEO, bitcoin will take 2 to 3 years to reach the bar set.

“So that’s the $1 million Bitcoin, but that doesn’t happen immediately. It’s a path there. I think it’s not entirely straightforward, but that’s where I see it going,” the former BitMEX chief added.

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Bitcoin’s rise will result from the excess liquidity created in the financial market by actions such as quantitative easing (QE) and the Bank Term Funding Program (BTFP), which involves emergency lending to banks by the US Federal Reserve System (Fed) in exchange for Treasury bonds, mortgage-backed securities, and other collateral assets.

According to Hayes, external assets such as gold, real estate, and bitcoin are preferable to domestic money (fiat), which is a liability on the balance sheet. He added that the banking system is not affected by foreign money and that it could be “an interesting option for investment in difficult times.” That said, unchecked funding of the entire banking system by the Fed would drive up the price of bitcoin and foreign monetary assets.

Что будет с биткоином дальше. Актуальные прогнозы

Редакция GetBlock собрала мнения трейдеров, экспертов инвестиционных компаний и искусственного интеллекта

As of March 24, 100:00 UTC, BTC is trading at $28 109, having gained 1,62% per day, according to the Binance crypto exchange.

Earlier, the investment company ARK Invest predicted the growth of bitcoin until 2030 under different scenarios. The bearish price target is $258 500, the base one is $682 800 and the bullish one is $1,48 million.

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