Arthur Hayes – the former chief executive of crypto exchange BitMEX – has commented that quarters three and four of this year are going to be among the best for bitcoin. Arthur Hayes on the Fate of BTC For the most part, 2023 has been a powerful year for the crypto arena. The world’s biggest and most popular digital currency by market cap has surged more than 60 percent from where it was at the end of last year, though this doesn’t mean that there isn’t still room for improvement. The fact remains that in November of 2021, bitcoin reached a new all-time high of about ,000 per unit, though it spent the next 12 or 13 months traveling through the doldrums and hitting new lows, and while things may be up in 2023, they are not where they were two Novembers ago.
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Arthur Hayes – the former chief executive of crypto exchange BitMEX – has commented that quarters three and four of this year are going to be among the best for bitcoin.
Arthur Hayes on the Fate of BTC
For the most part, 2023 has been a powerful year for the crypto arena. The world’s biggest and most popular digital currency by market cap has surged more than 60 percent from where it was at the end of last year, though this doesn’t mean that there isn’t still room for improvement.
The fact remains that in November of 2021, bitcoin reached a new all-time high of about $68,000 per unit, though it spent the next 12 or 13 months traveling through the doldrums and hitting new lows, and while things may be up in 2023, they are not where they were two Novembers ago. In a recent interview, Hayes mentioned:
You’re basically putting this powder keg together of a situation that’s going to be exploding in [the third and fourth quarter] of this year, and I think, ultimately, it will be good for bitcoin. It will be quite volatile on the upside and the downside.
While all the drama with the debt deal in the United States has come to an end, things are still up in the air thanks to the Treasury being engaged in a few questionable practices at the time of writing… practices that could make things very rough for bitcoin and its altcoin cousins.
Hayes commented that more than $1 trillion in Treasury bills could wind up coming our way over the next few months. He believes that this could liquidate millions or even billions of dollars in the crypto marketplace, and that in that sense, things won’t go well for the world’s primary assets.
However, he was also quick to suggest that the next bitcoin halving – currently set to take place in April of next year – will bear similar results with all the crypto arena’s past halvings, and that BTC and Ethereum are likely to rise to new levels following this event. In fact, he believes bitcoin could wind up reaching a price of $70K. Hayes stated:
I don’t think we’ll get up to $70,000 this year. I think next year is when we cross that barrier, then we get the blow off top [2025], [2026] and then it’s Armageddon. It doesn’t have to be too straightforward; we just have this situation. We have this tinderbox of too much money, no trust, and people trying to eke out a living for themselves.
So Much Financial Drama!
At press time, the price of bitcoin is hovering between the $27,000 and $28,000 marks.
There has been quite a bit of hoopla surrounding America’s financial situation, and this hasn’t helped BTC decide on a lasting position.