Hayes based his bullish prediction on several key factors. He pointed to the potential economic downturn and financial crisis, which could lead to near-zero interest rates, creating favorable conditions for Bitcoin’s growth.
Cryptocurrency expert and former Bitmex CEO Arthur Hayes has expressed strong optimism regarding the future of Bitcoin. During an interview on Tom Bilyeu’s YouTube channel, he suggested that Bitcoin’s value could skyrocket to between $750,000 and $1 million by 2026.
Factors that Will Propel Bitcoin Bullish Trend to $750,000
Hayes based his bullish prediction on several key factors. He pointed to the potential economic downturn and financial crisis, which could lead to near-zero interest rates, creating favorable conditions for Bitcoin’s growth. Additionally, he highlighted the impact of the Bitcoin halving event, a process that reduces the rewards miners receive, historically leading to price increases. This can be proven true if we consider the halving events that occurred in 2015 and 2019.
Hayes also emphasized the potential launch of multiple exchange-traded funds (ETFs) by major asset managers in the US, Europe, and Hong Kong. He believed that the introduction of these ETFs, combined with the other factors, could trigger an unprecedented surge in Bitcoin’s value. Hayes anticipated Bitcoin reaching around $70,000 by the end of 2024 due to the upcoming crypto halving event. However, he emphasized that the real bull market for Bitcoin and other financial assets would commence with the introduction of these ETFs.
With the present updates in the crypto market, many analysts have also shared their thoughts concerning the SEC approval of these ETFs, stating that the commission has no choice but to give these major traditional financial institutions like BlackRock the opportunity to host Bitcoin ETFs, seeing that many of them have met the required standards.
Hayes’s Thoughts on How AI Could Trigger Bitcoin Bullish Trend
Interestingly, this isn’t the first time Hayes has made such a bold prediction. In a previous statement, he linked Bitcoin’s rise to the influence of artificial intelligence (AI). He noted that the consistent usage of AI will be one of the driving forces behind the surge of Bitcoin, making a reference to the sudden increase in the usage of ChatGPT. According to Hayes, the AI revolution would naturally gravitate towards Bitcoin, potentially driving its price to nearly $1 million over the next decade.
While trying to indicate that Bitcoin’s price action could potentially hit $760,000 per coin depending on the scale of investment, he said:
“In only two months, ChatGPT reached 100 million monthly active users making it the fastest adopted technology in human history… I believe the peak of deranged growth investing will occur in the 2025 to 2026 timeframe.”
Some Crypto Analysts Also Agree with Hayes’ Bullish Optimism
Some crypto analysts and influencers also share Hayes’ confidence in Bitcoin’s bullish trajectory. According to an analysis from TradingView, the Bitcoin price may peak between $750,000 to $800,000 by 2033-2034. Although this is a little longer period compared to Hayes’s analysis, they both follow the same optimistic belief about crypto.
However, it’s essential for investors and enthusiasts to approach these predictions with caution. While these analyses provide valuable insights, they should be considered alongside a comprehensive understanding of market dynamics, trends, and potential risks. Diversification and staying well-informed about the latest developments in the cryptocurrency space remain essential strategies for navigating this ever-changing landscape.