- BitMEX founder Arthur Hayes predicts that BTC will hit $1 million by the end of the decade as he predicts that the monetary policies of the US and EU will blow up.
- He further called on all Bitcoin fans to spread the gospel as the only way it can sustain its value is if it’s used for day-to-day transactions.
Bitcoin is heading to $1 million and gold to $20,000 before the end of the decade. This is according to Arthur Hayes, the founder, and ex-CEO of the Bitcoin Mercantile Exchange (BitMEX), one of the world’s largest crypto derivatives exchanges. Hayes believes that the monetary and fiscal systems that the EU and the US have adopted are not sustainable in the long term and that once it all blows up, Bitcoin and gold will be the assets of choice for the two regions.
In an April 27 blog post titled “The Doom Loop,” Hayes delved into how the COVID-19 pandemic has revealed the inadequacies of the monetary and fiscal policies upon which the world’s biggest economies have been built. He believes that the West built its economic model under the assumption that the worst-case scenario would never come to be, but it has, and now, the Fed and other central banks are scampering to cope.
The winner in all this – Bitcoin.
BitMEX Founder: No policy maker globally can ignore the precarious nature of any funds held in Western fiat currencies and their respective assets. The Doom Loop will usher in $1 million Bitcoin and $10,000 — $20,000 gold by the end of the decade. https://t.co/x89Ccepi3e
— Wu Blockchain (@WuBlockchain) April 27, 2022
Hayes says that even though he believes Bitcoin will be the big winner, Satoshi’s disciples must work hard to ensure that the cryptocurrency gets to as many people as possible.
Because we know that in order to create circular self-sustaining pockets of economic action that use Bitcoin as the sole payment method, we must infect as many minds as possible with our memetic narrative.
Bitcoin shot up from just about nothing to become a trillion-dollar asset in one decade and this has created a culture of hodling. While he admits that even he is a hodler, he cautions that this culture, which has been Bitcoin’s strength all these years, could cost it in the future.
However, Bitcoin– unlike gold– must be used to have value. Miners spend energy to maintain the Bitcoin network. To cover their costs, miners must receive payment in a token that is socially valuable. Bitcoin therefore must move, and movement between parties is the antithesis of HODL culture.
Hayes noted that Europe’s economy is largely built on Russia’s energy. With the war in Ukraine forcing the EU to sanction Russia, there will be a great deficit of energy in the region and its economy will face its greatest test in years.
“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. There is no other politically palatable option, and the actions against Russia all but assure that YCC is coming sooner than you think,” he wrote.
Hayes stepped down from his role at BitMEX when US regulators went after him and his fellow executives for flouting the Bank Secrecy Act and possibly facilitating money laundering through their exchange. He has already paid a $10 million fine and awaits a possible five-year sentence.
Read More: BitMEX founders plead guilty to violating US law, faces five years behind bars
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