Bitcoin Could Reach $1 Million by 2028, Says BitMEX Co-Founder

Arthur Hayes, the co-founder of BitMEX, has expressed a bullish outlook on Bitcoin (BTC), attributing the surge in the cryptocurrency's value to increasing global liquidity conditions. In a recent interview on the White Crypto YouTube channel, Hayes highlighted that the current reflationary environment, characterized by an increase in the global money supply, is driving up the value of Bitcoin and other cryptocurrencies. He described the current market conditions as favorable for the crypto ecosystem, predicting that the bull market will continue to thrive.

Hayes' optimism is rooted in the idea that more fiat money chasing a scarce asset like Bitcoin will inevitably lead to a significant increase in its value. He forecasted that by the end of 2028, Bitcoin could reach or exceed $1 million, marking a tenfold increase from its current level. This prediction is based on the assumption that the reflationary trends will persist, driving up the demand for Bitcoin as a store of value.

Hayes also commented on the prospects of the US dollar in the face of increasing money supply. He suggested that the dollar is likely to depreciate against assets like gold and Bitcoin, making US Treasuries a less attractive investment option. This view is supported by the idea that the excessive supply of US dollars will lead to a devaluation of the currency, making other financial assets more appealing.

Hayes' bullish stance on Bitcoin is not without precedent. The cryptocurrency has historically shown resilience and growth during periods of economic uncertainty and inflation. The increasing adoption of Bitcoin as a hedge against inflation and a store of value has further bolstered its appeal among investors. However, it is important to note that Hayes' prediction of a seven-figure price for Bitcoin by 2029 is based on his analysis and should be considered as an analyst's forecast rather than a guaranteed outcome.