Arthur Hayes Predicts Bitcoin Price of $1 Million on Bank Bailouts
BitMEX co-founder and former CEO Arthur Hayes has made a bold prediction, stating that he sees the price of Bitcoin reaching $1 million. In a tweet, Hayes questioned whether the market or Federal Reserve Chairman Jerome Powell is right about the strength of US banks. According to Hayes, a bailout is imminent, and this will drive up the price of Bitcoin.
Hayes Expects 20-30% Correction by Late March
In addition to his prediction of Bitcoin’s rise to $1 million, Hayes also expects a significant correction in the cryptocurrency’s price. He anticipates a decline of 20% to 30% by early March. Hayes warns traders to be cautious and prepares for a potential “vicious washout” affecting inexperienced investors in the market. He suggests that the introduction of US-listed spot Bitcoin ETFs could exacerbate the correction.
Hot Take: Bitcoin’s Future Depends on Bank Bailouts
According to Arthur Hayes, the future price of Bitcoin hinges on the need for bank bailouts. He believes that US banks will require massive monetary injections from the federal reserve and treasury, which will drive up the value of the leading cryptocurrency. While Hayes’ predictions may seem ambitious, they reflect his belief in the potential impact of government intervention on Bitcoin’s price. As always, it is important for investors to exercise caution and conduct thorough research before making any financial decisions in the volatile crypto market.
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