- 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.
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