Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of BitMEX, anticipated Bitcoin BTC/USD to approach $200,000 in its upcoming bull run, fueled by increased fiat liquidity, according to a Sunday report.
What Happened: During an interview with Forbes, Hayes expressed confidence about Bitcoin’s continued dominance, which would eventually spark an altcoin season. He estimates Bitcoin to go close to $200,000 and eventually hit $250,000 by year-end.
Hayes linked this potential surge to the government’s need to borrow more funds, which would increase liquidity in the market.
“I believe that the U.S. government has to borrow more money than what we think, and therefore, [Treasury Secretary Scott Bessent] will have to issue more debt,” Hayes said. “That means that there's more dollars floating around in the world because the US government is spending more money on stuff.”
It’s worth highlighting that Moody’s downgraded the U.S. long-term credit rating last week, raising fears about government debt and inflation.
See Also: Anthony Scaramucci Says Once Bitcoin Hits $500,000 It Will Be Considered An Asset Class Just Like Gold
Hayes predicted that Bitcoin’s move to the $150,000-200,000, which he thought would happen early third quarter, could spur an altcoin rally.
He also discussed Ethereum ETH/USD, stating that despite its current “hated” image due to months of underperformance, it could surprise the market with a comeback.
Why It Matters: Hayes’ predictions come at a time when Bitcoin has broken the $107,000 mark, the highest in nearly four months. This rally was accompanied by a nearly 50% increase in trading volumes, indicating a strong investor sentiment.
Hayes, one of the most vocal Bitcoin advocates, had predicted Bitcoin to hit $1 million by 2028 by the end of President Donald Trump’s tenure. He attributed this to the repatriation of foreign capital and the devaluation of U.S. Treasury bonds, driven by structural imbalances in the U.S. trade and capital accounts.
Price Action: At the time of writing, BTC was exchanging hands at $102,936.32, down 0.66% in the last 24 hours, according to data from Benzinga Pro.
Shutterstock: Yalcin Sonat
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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