Former Bitmex CEO Arthur Hayes explains why he thinks 2023 will be a volatile year for cryptocurrencies. We have a lot to look forward to next year.
According to Hayes, what awaits Bitcoin in the coming years?
Former Bitmex CEO Arthur Hayes, who now heads the family office Maelstrom, does not expect Bitcoin (BTC) to make new highs this year. But as for 2024, he is very optimistic. He made his prediction on the podcast What Bitcoin Did. He then identified Bitcoin’s halving in 2024 as a key event.
I don’t think we’ll get to $70,000 this year. I think next year we’ll cross that barrier, then the top will hit [2025], [2026] and then Armageddon occurs.
As for his comment regarding Armageddon, he explained that he meant more of a societal change, such as a major war. He cited quantitative easing and social discontent as two factors that would lead to such an event.
It doesn’t have to be too straightforward. We just have this situation, we have too much money, no trust and people trying to make a living.
He added that Bitcoin would also go down in such a scenario.
US debt ceiling
Asked about the US debt ceiling, Hayes said it would be resolved as usual. However, he warned that its timing could cause “ripples” in the market. He also pointed out that events that disrupt the financial balance usually occur in the fall.
With the banking crisis, and we have the federal government issuing trillions of dollars of debt because it needs to finance its behavior, we have a powder keg. This creates a situation that will explode in the 3rd or 4th quarter of this year. I think this could end up being pretty good for Bitcoin. There is a lot of volatility ahead. You have to prepare for ups and downs.
Conclusion
Hayes was recently asked who will pay for the banking crisis caused by the Fed’s deflationary policies? He said the crisis would be resolved “at the cost of the lives” of medium and small banks. They believe that their assets will surely be absorbed by the big systemic banks, which have guarantees from the US government to cover losses from customer deposits. He himself sees salvation in Bitcoin and gold. According to him, these are the best means of keeping value outside the banking system.
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2023-05-27 18:00:00
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