Arthur Hayes, co-founder and former CEO of BitMEX, remains confident in the further growth of bitcoin despite the serious volatility in the crypto market. He is convinced that long-term bullish trend will continue, and the current short-term fluctuations should be viewed as opportunities for profitable entry for investors.
In his latest essay, BitMEX co-founder said that Bitcoin may drop to $70 thousand. This may be exacerbated by a decline in the stock market, especially if the S&P 500 or Nasdaq 100 corrects by 20-30%, as this will lead to the forced sale of risky assets, including Bitcoin.
One of Hayes’ key arguments in favor of further long-term growth of BTC is the global increase in liquidity in financial markets. The US Treasury account balances are decreasing, which will potentially facilitate capital inflows into risky assets, including cryptocurrencies.
Hayes also believes that the current instability in traditional financial systems will force more investors to look for alternative assets. This will be facilitated by the growing interest in bitcoin from large institutional investors. And Bitcoin, in his opinion, has already proved its ability to be a reliable means of storing value during economic turmoil. However, regulatory pressure, especially from the US government and European Union can be a significant obstacle.
The day before, the co-founder of BitMEX criticized the idea of a US crypto reserve, as he believes that America does not have the money to buy it.
And at the end of last year, he warned about a significant drop in the crypto market in early 2025, which will be provoked by Donald Trump’s policy.
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