Bitcoin Could Hit $1M by 2028, Says BitMEX Founder Arthur Hayes

BitMEX founder Arthur Hayes has expressed his bullish outlook on Bitcoin (BTC), predicting that the cryptocurrency could reach a price of $1 million by the end of 2028. In an interview on the Kyle Chasse YouTube channel, Hayes outlined his reasoning behind this optimistic forecast, emphasizing the potential impact of US monetary policy on Bitcoin's price.

Hayes believes that the easing of US monetary policy will positively influence Bitcoin's value. He stated, “we know you’re going to print more money, we know that Bitcoin does best when money is printed. I don’t know, I can’t tell you what stock is going to do well, that’s hard. But I can tell you where Bitcoin’s going to go.” This perspective is rooted in the idea that increased money supply often leads to inflation, making Bitcoin an attractive hedge against the devaluation of fiat currencies.

Hayes also highlighted the US budget deficit as a significant factor in Bitcoin's potential rise. He noted that the deficit, which he expects to continue increasing, will serve as a bullish catalyst for Bitcoin. Hayes pointed out that during Biden's term, approximately $7.1 trillion of debt was issued, coinciding with a sixfold increase in Bitcoin's price from around $10,000 to over $60,000. He further explained that structural factors such as rising Social Security and Medicare payments, as well as an increasing defense budget, will contribute to the growing deficit. Additionally, the interest on Treasury debt is expanding exponentially, making it mathematically challenging for the government to reduce spending significantly.

Hayes also mentioned the increasing adoption of Bitcoin as a safe-haven asset, which he believes will positively impact its value. He noted the introduction of Bitcoin ETFs and the changing narrative among institutional investors, who now view Bitcoin not just as a high-beta asset but as a hedge against the potential fall of American exceptionalism and hegemonic empire. This shift in perception is expected to drive further adoption and investment in Bitcoin, contributing to its price appreciation.