Back in May, Arthur Hayes, a well-known businessman, chief investment officer of the Maelstrom fund and former chairman of the BitMEX exchange, said that it’s time to long cryptocurrencies and stocks, and bitcoin will reach $1 million by 2028. But in August, his vision of the short-term trend changed to a pessimistic one. At the beginning of the month, Hayes sold ETH, ENA, and PEPE tokens for more than $13 million. This did not go unnoticed by analysts.
In total, Hayes’s wallet has $28.3 million worth of tokens on its balance sheet, of which $22.95 million is placed in the USDC stablecoin ($0.9998).
Hayes explained his decision by saying that bitcoin could fall back to $100,000 and Ethereum (ETH) to $3,000 due to fears of new tariffs, a sluggish credit market, and slowing job creation in the United States. Only 73,000 new jobs were created in July, a sign of economic fragility.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, also believes that cryptocurrencies and stocks will show the worst results among all major asset classes in 2025. But this will not apply to bitcoin and government bonds.
Hayes’ position on bitcoin in the long term remains unwavering: $1 million by 2028, once monetary conditions soften.
Source: Arthur Hayes
Spelling error report
The following text will be sent to our editors: