Will Bitcoin Reach $1M? Former Bitmex CEO Believes ‘This Is The Trigger’
By Benzinga
Bitcoin (CRYPTO: BTC) might hit a $1 million price tag amid escalating geopolitical tensions and persistent inflation, says former BitMEX CEO Arthur Hayes.
According to a Cointelegraph report, Hayes voiced his predictions in a blog post titled “The Periphery” published on Oct. 24.
Hayes believes that the ongoing wars, in which the U.S is increasingly involved, coupled with the stagnation of interest rate hikes by the Federal Reserve, create a “trigger moment” for Bitcoin.
“Once everyone realises the game we are playing, the Bitcoin and crypto bull market will be in full swing. This is the trigger, and it’s time to start rotating out of short-term US Treasury bills and into crypto,” he wrote.
The blog post also pointed out that Bitcoin, along with gold, started rallying against a backdrop of a strong selloff in long-end U.S. Treasuries following President Joe Biden‘s speech on the Ukraine and Israel war.
This surge in Bitcoin’s value is not due to speculation about an ETF approval, but rather a reflection of a forthcoming “very inflationary global world war situation,” according to the post.
The blog post suggests that a $1 million BTC price tag is still feasible, reinforced by the concept of yield curve control (YCC), an ultimate move in controlled economics already starting to emerge in Japan.
As of now, Bitcoin has surged 27% this October and over 100% year-to-date, as per data from monitoring resource CoinGlass.
Hayes has gained notoriety for his predictions on global economics in the aftermath of COVID-19 and the subsequent inflationary eras.
Image via Shutterstock
Engineered by
Benzinga Neuro, Edited by
Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the
extensive Benzinga Ecosystem, including native data, APIs, and more to
create comprehensive and timely stories for you.
Learn more.
