Arthur Hayes, the founder of BitMEX, predicts that Bitcoin (BTC) is set to reach a significant value before the current market cycle concludes.
In a recent discussion with Kyle Chasse, the founder of Master Ventures, Hayes suggests that Bitcoin is poised to experience a series of rallies during this cycle due to an increase in the monetary supply.
“I believe Bitcoin will achieve a numerically noteworthy milestone. Naturally, I’ve mentioned a $1 million Bitcoin; I do hope it reaches that figure, but it could also be something like $666,000, $500,000, or $250,000—numbers that hold significance for us humans for various arbitrary reasons. We are bound to reach that mark, after which we will anticipate extreme reactions from fiat money creation. At that juncture, it might be wise to liquidate everything.”
Hayes further asserts that Bitcoin is no longer tethered to its halving-based four-year cycle; instead, its price dynamics are influenced by the liquidity of fiat currency circulating in the markets.
Bitcoin halving is a phenomenon that reduces the BTC mining reward by half, creating a supply-demand imbalance that has historically led to price escalations.
“The four-year Bitcoin halving cycle, along with miner profitability and its fluctuations over time, made more sense regarding market cycles when Bitcoin was a smaller asset class…
At this point, Bitcoin and cryptocurrency have established themselves as legitimate asset classes, discussed across every major financial platform globally, and every central bank has positioned itself on the matter, whether negatively or positively. The leader of the United States is now engaged in discussions about Bitcoin and its policies…
At this stage, I believe Bitcoin has evolved from merely a digital asset into the most effective indicator of fiat liquidity available worldwide. Previously, gold held that position. While gold and Bitcoin share distinct characteristics that lead to different market behaviors, we now have a 24/7 trading environment. Anyone with an internet connection can access it, and its dynamics are predominantly driven by fiat liquidity.”
Currently, Bitcoin is priced at $84,152, reflecting a 3.7% decline over the past 24 hours.
Follow us on X, Facebook, and Telegram
Stay Updated – Subscribe for email alerts directly to your inbox
Check Price Movements
Explore The Daily Hodl Mix
 
Disclaimer: The views presented in The Daily Hodl are not to be considered as investment advice. Investors should conduct their due diligence prior to engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please understand that your trading and transfer actions are undertaken at your own risk, and any incurred losses are your responsibility. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets and is not an investment advisory entity. Please be aware that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/TadashiArt/Natalia Siiatovskaia
