BitMEX Co-Founder Predicts Bitcoin to Reach $1 Million

Arthur Hayes, co-founder of the renowned cryptocurrency exchange BitMEX, has once again captured the attention of the crypto world with his audacious prediction that Bitcoin has hit its lowest point and is now on a trajectory towards a staggering $1 million valuation. This bold statement has sparked intense debate among investors, who are now contemplating the potential implications of such a dramatic price surge.

According to Hayes, the recent slump in Bitcoin's price is already behind us. While he acknowledges that the market may still test support levels, he firmly believes that Bitcoin has established a crucial floor. In one of his most provocative remarks, Hayes speculated on whether Bitcoin could reach a "numerically interesting number." When questioned, he responded, “I put $1 million Bitcoin out there – I hope it will be $1 million, but you know maybe it’s just 666,000 or 500,000, what some round number that the human mind sees as significant.”

Hayes argues that the traditional four-year Bitcoin halving cycle is becoming less relevant as Bitcoin gains mainstream acceptance. Instead, he suggests that investors should focus on the policies of major central banks, such as the Federal Reserve. He claims that these institutions will continue to inject liquidity into the market, which could drive up the price of Bitcoin. “All I care about is fiat liquidity. As long as we believe it (Bitcoin) works, then it just comes down to how many fiat things are in the denominator, and then you just get to the price.”, Hayes stated.

Hayes also dismissed the idea that incoming crypto regulations in the United States or elsewhere could impede Bitcoin’s progress. He believes that Bitcoin’s permissionless, decentralized design makes it resilient to regulatory hurdles. He said, “Crypto regulation doesn’t matter. Bitcoin doesn’t need anyone’s permission. It’s moving with or without them […] If Bitcoin trades on tradfi regulations, then I don’t want to own it. I want something immune to regulation.”

Given Hayes’ prediction, the market is now contemplating what the future holds for Bitcoin as the world watches its every move. The market also considers the potential impact of global liquidity and interest rates on Bitcoin’s price action, as Hayes suggests that the actions taken by governments and central banks will be vital in the forthcoming mega rally.