Arthur Hayes, co-founder of BitMEX, recently released a statement predicting a Bitcoin (BTC) price of $1,000,000. According to Hayes, the recent collapse of First Republic Bank is only the beginning of a period where economic instability caused by the Federal Reserve’s raising of interest rates will cause a series of regional banks to fail due to the limitations of their loan books. These failures, Hayes believes, will cause economic chaos, which in turn will drive up the price of Bitcoin.

Hayes claims that this macroeconomic chaos has the potential to cause BTC to leap to $1,000,000. To capitalize on this chaos, Hayes plans to purchase 50-75% out of the money short-dated puts on several banks with the largest commercial real estate portfolios. This has been the latest in a series of predictions from Hayes that all involve potential Bitcoin prices in the millions of dollars.

However, prior to making these predictions, Hayes had a notoriously public and strained history with BitMEX. In 2020, Hayes pled guilty to a violation of the Bank Secrecy Act, namely, for failing to put into place anti-money laundering protocols. Hayes was given a sentence of 6 months of home detention, 2 years of probation, and was charged a fine of $10 million.

In conclusion, Arthur Hayes’ opinion carries weight due to his previous success in the cryptocurrency sphere. While the chances of these predictions coming true are undoubtedly slim, the idea of a BTC price anywhere near the millions of dollar mark is difficult to ignore, especially given Hayes’ standing as a Bitcoin expert and the economic chaos associated with the recent collapse of First Republic Bank and the future economic turbulence brought about by the Federal Reserve.



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