Price Of BTC Out-Performs Expectation, Arthur Hayes Predicts $1Million

Co-founder of BitMEX and popular expert in the cryptocurrency sector, Arthur Hayes, has made a bold prediction about the price of Bitcoin in the future. By 2026, Hayes believes that the price of Bitcoin might surge to $750,000 to $1 million range. He went ahead to list some important elements that support his price prediction for Bitcoin.

Hayes said that the cryptocurrency halving phenomenon occurs about every four years and is one of the key forces behind this possible upsurge. The rewards that Bitcoin miners receive for validating transactions on the network are halved during a halving.

According to Hayes, Bitcoin might reach a price of almost $70,000 by the end of 2024 due to the anticipated next cryptocurrency halving event. This forecast is consistent with a historical pattern of price gains following prior halving occasions when Bitcoin’s value has increased in the wake of these events.

According to Hayes, exchange-traded funds (ETFs) are another important driver of the price rise for Bitcoin. He expects multiple Bitcoin ETFs to be introduced by top asset managers from other continents, including the United States, Europe, and possibly Hong Kong. These investment options would facilitate exposure to Bitcoin for institutional and retail investors, increasing demand for the cryptocurrency.

Arthur Hayes  Predicts  $1 Million Valuation, As Increase Persists

Hayes’ prediction has been seen as overly optimistic, but it has been made before. Historical analysis shows that in the past ten years, the price of Bitcoin has grown remarkably, going from practically nothing to a high of nearly $60,000.

The market value of the cryptocurrency has also increased, solidifying its status as one of the most valuable assets worldwide. During an interview with Tom Bilyeu, a popular YouTuber, Hayes mentioned some obvious factors that are likely to contribute to BTC’s price surge.

He pointed out that the coin’s total supply has a significant role, as well as the anticipated BTC spot ETFs, which will likely be introduced in major controlled markets. Hayes cited the most basic parts of the BTC’s fixed supply, pinned at 21 million coins. He believes that the scarcity triggers a wide demand. Hence, more investors would likely demand more from its already scarce supply.

Dynamics, Macroeconomic Conditions Linked To Future BTC Performance

Arthur Hayes has also explained that market dynamics, legislative changes, and unforeseen circumstances can significantly impact cryptocurrency values. Hayes has stated that introducing many Exchange Traded Funds (ETFs) into the system by top asset managers in different regions in the United States, Hong Kong, and Europe would trigger a long bull market.

He also pointed out that the East would play a part in this event. He cited China’s strong influence in the cryptocurrency industry and insisted it’s still a market to watch. This is against the backdrop that China imposed a ban on cryptocurrency operations.

Hayes explained that while China has succeeded in eradicating obstacles surrounding the cryptocurrency industry by evicting major cryptocurrency exchanges, it has yet to remove the BTC ownership among its holders completely.

While talking about how the macro-economic environment may likely encourage bullish trend, which will likely lead to his projected BTC price mark, Hayes said that he believes that it (the macro-economic environment) will lead to major boom, more than anyone has ever seen in the cryptocurrency market.