Former Bitmex boss Arthur Hayes forecasts no all-time high for Bitcoin for 2023

Former Bitmex boss Arthur Hayes forecasts no all-time high for Bitcoin for 2023

The former boss of Bitmex - Arthur Hayes - has resigned from his previous prediction to the price development of Bitcoin.

The managing director said that the largest crypto asset will probably not reach $ 70,000 this year, but 2024 could be bullish for the entire market.

we prepare for Harmagedon

While he spoke in the "What Bitcoin DID" podcast, Hayes predicted that Bitcoins attempt to cross the "brand" of $ 70,000 will only take place next year, and at the same time pointed out that the upcoming halving in 2024 will be decisive for determining the trend.

"We'll have that next year before us, 2024. I think this will be a good year. I don't think we will reach $ 70,000 this year. Next year we will exceed this hurdle and then we will reach the highlight 2025, 2026. And then is Armageddon."

he further explained that the Armageddon, of which he speaks, refers to a great "social" event like a war that was primarily promoted through more money prints and social dissatisfaction around the world. Due to the increasing geopolitical tensions, Hayes is convinced that the crypto asset will threaten further breakdown in the period 2025-26

"It doesn't necessarily have to be very simple, we just have this situation, we have these tinder cans with too much money, no trust and people who try to make a living themselves."

Hayes said that the practice of quantitative loosening - the increase in the money supply - basically assembles a "powder barrel of a situation that will explode in the third and fourth quarter of this year," and added that this would lead to enormous volatility in Bitcoin.

Bitcoin as a "buy-and-hold" assets value

The co-founder of Bitmex had written an essay in which he visualized a scenario in which the US dollar drops and the potential of Bitcoin as a savings instrument of countries around the world. Hayes' prediction that the US dollar will lose its hegemony is against the background that several global trade corridors slowly remove from the processing of currency trade.

Even if Bitcoin had difficulty breaking this month to break the $ 30,000 mark, long-term owners have accumulated their stocks at a rapid pace. In fact, this trend indicates that, according to a current Bitfinex report, the crypto asset is increasingly being used as a "buy-and-hold-asset", while the current stagnation on the market is seen as an opportunity.

Selected image with the friendly approval of Bloomberg

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