Arthur Hayes Predicts Bitcoin Bull Run Will Become More Evident in the Next 6-12 Months
According to Arthur Hayes, the co-founder and former CEO of BitMEX, the bitcoin bull run is already underway and will become more evident within the next 6-12 months. Hayes shared his predictions during a speech at Korea Blockchain Week.
Bitcoin’s Bull Run Will Happen Because of Vulnerabilities in the Banking System
Hayes explains that the upcoming bull run of bitcoin is a response to the instability and vulnerability of the banking system. Looking at the chart, bitcoin has never fallen below its March 2023 price, indicating its resilience. Since then, its value has been rising steadily, reaching a high of $31,400 in mid-July 2023.
The Bitcoin-Anchored Stablecoin Proposal
In March 2023, Hayes proposed a new stablecoin called the Satoshi Nakamoto Dollar (NUSD) that would be based on bitcoin. The goal of this stablecoin was to eliminate the need for banking services. Hayes believed that decentralized stablecoins like NUSD could disrupt the global banking system’s earnings from transaction fees and foreign exchange transactions. However, as of now, NUSD is not yet a reality.
Hot Take:
Arthur Hayes’ prediction of a bitcoin bull run gaining momentum in the next 6-12 months aligns with the cryptocurrency’s historical resilience and the vulnerabilities in the traditional banking system. As more investors recognize these flaws, they may turn to cryptocurrencies as a more stable and secure alternative. This shift could fuel the anticipated bull run and potentially reshape the financial industry on a global scale.
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