Arthur Hayes, the renowned founder of BitMEX, a prominent cryptocurrency exchange during its prime, recently delivered captivating remarks about Bitcoin (BTC) during his appearance on a YouTube program.
Arthur Hayes, the former CEO of BitMEX and current operator of a family office named Maelstrom, holds the belief that Bitcoin will not reach new highs within the current year. However, he anticipates a resurgence starting from 2024.
Arthur Hayes expresses his skepticism regarding Bitcoin reaching the $70,000 mark this year, suggesting that the breakthrough may occur in the following year. He further predicts subsequent milestones in 2025 and 2026 before ominously mentioning the term “Armageddon.”
Arthur Hayes emphasized the significance of the upcoming Bitcoin halving event slated for 2024 as a pivotal moment. He highlighted its importance in shaping the trajectory of Bitcoin’s future performance.
Also Read This Related: BitMEX Releases Hong Kong App
Arthur Hayes clarified that his mention of “Armageddon” referred to a profound societal transformation, such as a major war, rather than a literal apocalypse. He highlighted two factors, namely quantitative easing (economic stimulus measures) and social unrest, which he believed could potentially contribute to such a significant shift in society.
Hayes explained that the situation doesn’t require a direct cause-and-effect relationship; it’s simply the reality that there is a lack of trust amidst a surplus of money, and people are striving to sustain themselves. In such a scenario, Hayes stated that Bitcoin would also experience a decline.
When questioned about the US debt limit crisis, Hayes commented that it would eventually be resolved after the usual back-and-forth negotiations. However, he expressed concern that the timing of the resolution could lead to market instability. Hayes also asserted that financial disruptions often tend to happen during the autumn season.
Due to the banking crisis, the Federal Government finds itself needing to borrow trillions of dollars to sustain its operations. This creates a potentially explosive situation that is expected to unfold in the third or fourth quarter of this year. Consequently, Hayes believes that this could have a positive impact on Bitcoin, although its value is likely to experience significant fluctuations, both upward and downward.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.