Arthur Hayes, the co-founder and former CEO of BitMEX, has predicted a period of significant volatility for Bitcoin in the coming months before eventually surging to new highs in 2024.
In a Friday, May 26 interview with WhatBitcoinDid host Peter McCormack, Hayes predicted that Bitcoin’s price will not exceed $70,000 until next year.
“We got this halving next year, 2024. I think that’s going to be a good year. I don’t think we get up to $70,000 this year. I think next year is when we cross that barrier, and then we get the blow-off top 2025, 2026, and then it’s Armageddon,” said Hayes.
The crypto guru, who disclosed working on Maelstrom, his family office, noted that he considers Bitcoin a serious experiment that has demonstrated success thus far. He also revealed that he views Bitcoin as a durable form of currency capable of maintaining its purchasing power in terms of energy. Drawing a parallel between the value of Bitcoin and that of oil over time, Hayes suggested that Bitcoin has performed well in preserving its value.
Hayes’ Economic Outlook
Hayes further recognized the inherent challenges and risks present within the current financial system. He drew attention to the widespread practice of governments printing money to tackle increasing debts, cautioning that this strategy is not sustainable and may potentially lead to a collapse, further exacerbating the challenges Bitcoin and other cryptocurrencies face.
“You know governments print a bunch of money, the fed being the most egregious of all of them, and now they’ve exacerbated the problems…if we print all this money, how do we take it out of the system without causing bad effects,” added Hayes.
“They think they’re so smart that they can time the market, and the market is not going to inflict pain on them, and the market is going to only act in a very linear fashion it’s not going to,” he went on.
Given these concerns, Hayes advised individuals to explore alternative assets outside the traditional financial system. In Particular, he suggested considering investments in Bitcoin, gold, real estate, or businesses that generate cash flow, emphasizing the importance of taking action now rather than waiting until it becomes more difficult to access these assets.
Additionally, recognizing that purchasing Bitcoin may pose challenges in certain regions due to regulatory restrictions, he urged individuals to find ways to acquire Bitcoin and, if necessary, consider relocating to places where it is easier to do so.