Bitcoin, the poster child of digital currency, has seen its price surge from highs of $70,000 per bitcoin last month to a steep drop below $50,000 earlier this week.
But the rollercoaster ride is far from over.
A powerful stock market rally, coupled with whispers of a “big” crypto announcement from Eric and Don Jr., sons of former President Donald Trump, has breathed new life into the market.
Amid this volatility, Arthur Hayes, co-founder of BitMex and seasoned trader, has made a bold prediction: Bitcoin’s price could skyrocket to $1 million, propelling its market capitalization to a staggering $20 trillion.
“The bitcoin price in this cycle is going to go very, very high,” Hayes shared with DLNews. “Hundreds of thousands of dollars, maybe $1 million.”
Hayes, now steering the Maelstrom Fund family office, suggests the world is on the brink of a seismic shift in global monetary systems.
Earlier this week, as the unwinding of the Japanese yen carry trade sent shockwaves through both crypto and stock markets, Hayes foresaw a looming financial crisis.
He predicted that U.S. Treasury Secretary Janet Yellen would likely resort to printing more money to stave off economic disaster.
In a recent blog post, Hayes opined, “Like any politician, regardless of party affiliation or economic beliefs, [Vice President and Democratic Party 2024 nominee Kamala] Harris will instruct Yellen to use the monetary tools available to her to avert a financial crisis.
Of course, that means the money printer will go brrr in some way, shape, or form. Harris will not want Yellen to wait—she’ll want Yellen to act forcefully and immediately.”
Meanwhile, Bitcoin has staged a robust recovery from its “crypto Black Monday” crash, leaping over 10% in just a few days and setting its sights on the coveted $100,000 mark.
Arthur Firstov, Chief Business Officer at crypto payments firm Mercuryo, echoed this optimism.
“Bitcoin is resurgent after a dramatic switch from fear to greed,” he said, pointing to an 82% surge in transaction volume that signals a “stampede” of eager buyers.
As crypto enthusiasts rally around the “king of crypto,” the $100,000 milestone seems not just possible, but imminent.
This wild ride, marked by highs and lows, is a metaphor for the larger forces at play in the world economy—where fortunes can be made or lost in the blink of an eye.
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