Billionaire BitMEX founder Arthur Hayes says Bitcoin (BTC) has the potential to blow way past $100,000 on the back of worldwide money printing.
In a new interview posted to Blockmedia, Arthur Hayes says he believes BTC will eventually reach $1 million in value in the next five years.
“I’ve been on record many times saying that I think Bitcoin will end the year around $100,000. Obviously, we’re close to that mark. Then the next question is where do I think Bitcoin is going to be, you know, three, four, five years down the road? As I’ll get into in a bit, I believe that the secular trend is for more money printing globally. That’s not going to stop, and as such, my Bitcoin $1 million price prediction, I believe, can happen within the next 5 years.”
According to Hayes, most governments of the world simply cannot afford to cut expenses and raise taxes, and will be forced into expanding the monetary supply in order to pay off debts. He says the phenomenon is one of the main reasons he is bullish on crypto.
“And so again, what are the key factors driving this confidence that I have in the continuation of the bull market? It centers on money printing. At the end of the day, the largest economic blocks in countries – United States, China, Japan, the European Union, and just about every other country around the world, including South Korea – are printing money.
They have different goals and policies that they want to afford but they can’t afford with taxes that’ll piss people off, and so they’re printing money. This is a trend that went into overdrive starting in 2008 when Satoshi obviously came up with the Bitcoin white paper and the Genesis block was in 2009. I don’t believe that’s a coincidence that the birth of Bitcoin and this cryptocurrency ecosystem coincided with one of the largest financial crises since the 1930s…
And so that’s why I’m very confident that crypto, which predominantly is priced in fiat currencies, can rise. And as we’ve seen, Bitcoin is the best-performing asset in human history, from 0 in 2009 to close to $2 trillion of market cap in about 15 years.”
BTC is worth $95,026 at time of writing.
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