The former CEO of BitMEX is bullish on Bitcoin and has detailed how the leading cryptocurrency would trade at $1 million in eight years.
Arthur Hayes, the co-founder and former CEO of leading crypto derivatives platform BitMEX, has predicted that Bitcoin’s price will reach the $1 million mark by the end of the current decade.on Wednesday, Hayes gave a comprehensive breakdown of how the leading cryptocurrency would reach $1 million in eight years, a value that is 2,500% higher than its current price.
. At some point, however, inflation will reach its peak, and central banks will have no other choice but to resort to yield curve control , a tool employed to prevent bankruptcy. This, according to Hayes, will be the tipping point for Bitcoin. “YCC is the end game. When it is finally implicitly or explicitly declared, it’s game over for the value of the USD vs. gold and more importantly Bitcoin. YCC is how we get to $1 million Bitcoin and $10,000 to $20,000 gold.”Hayes also opined that Bitcoin’s exponential price growth over the past decade had resulted in the “HODL culture.
He then urged all Bitcoin enthusiasts to participate in the network by conducting transactions to prevent the collapse of the network. “We must agitate for self-interested flags to save part of their current account surplus in Bitcoin so that Bitcoin farm-to-table economies sprout around the globe. Again, unlike gold, Bitcoin must move — otherwise, the network will collapse,” he concluded.
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