Bitcoin (BTC) bulls have received a substantial endorsement from one of the cryptocurrency industry’s most provocative voices. Arthur Hayes, co-founder of BitMEX, shared his bold forecast during his speech at the ongoing Token2049 conference in Dubai, reaffirming his prediction that Bitcoin will achieve a staggering $1 million valuation by the year 2028.
A Bold Prediction
The Maelstrom CIO captivated the audience by declaring, “It’s time to go long everything,” prompting attendees to invest in the flagship cryptocurrency as well as other stablecoins and traditional markets. For Hayes, this stance transcends merely being an investment recommendation; he views it as a macroeconomic inevitability rooted in prevailing financial dynamics.
Hayes’ optimism stems from a combination of anticipated shifts in monetary policy and prevailing economic instability within the United States. The seasoned crypto investor perceives a likely resurgence in money printing by the Federal Reserve, driven by fiscal deficits, tariff-induced disruptions, and weakening bond markets. Such factors could significantly inflate the value of Bitcoin.
He draws parallels between current market conditions and those experienced in the third quarter of 2022—a time fraught with uncertainty. At that juncture, headlines were dominated by aggressive rate hikes from the Federal Reserve and a cascade of failures within the crypto landscape, including the collapse of FTX. However, the unexpected injection of $2.5 trillion into the repo market by the government played a crucial role in sustaining risk assets, including cryptocurrencies.
Hayes perceives a similar trajectory forming now, especially in response to President Donald Trump’s recent push for sweeping tariffs on U.S. trading partners. Initially, this move triggered economic shocks that sent markets tumbling, but a brief pause over three months allowed for a degree of recovery. Hayes believes that Trump’s America First strategy is set to unleash a liquidity storm.
These sentiments are bolstered by apprehensions that the U.S. central bank, despite its current hawkish posturing, may ultimately have to support Treasury markets indirectly by easing quantitative tightening or lowering bank reserve requirements.
“The Fed and banking system must step up to ensure a well-functioning Treasury market, which means Brrrr,” he jested in a recent post on X, referencing the viral meme associated with rampant money printing.
Should his forecasts come to fruition, Hayes anticipates Bitcoin will respond much like it has in the past, with a potential for a parabolic rally.
Bitcoin’s Steady Climb with Room to Run
As Hayes lays out his vision, BTC’s recent price movements are serving as additional fuel to the narrative. At the time of writing, Bitcoin was trading at $94,569, reflecting a minor 0.4% decrease in the last 24 hours.
Over the past week, the price uptick has been modest, around 1%. However, the general upward trend is observable over longer periods, with Bitcoin’s value increasing by 13.0% in the past two weeks and by 15.4% in the last month.
On a year-over-year basis, Bitcoin has achieved a remarkable 49.2% increase, indicating sustained long-term bullish momentum despite prevailing macroeconomic headwinds.
The insights presented by Hayes offer a thought-provoking look into the potential trajectory of Bitcoin, challenging investors to rethink their strategies in an evolving financial landscape.
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