Bitcoin at $70,000? Arthur Hayes Reveals Why This Price Level Is Unlikely to Happen Until 2024 ZyCrypto

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Arthur Hayes, the co-founder and former CEO of BitMEX, predicted a period of significant volatility for Bitcoin in the coming months before finally hitting new highs in 2024.

In a Friday, May 26 interview with WhatBitcoinDid host Peter McCormack, Hayes predicted that the Bitcoin price won’t rise above $70,000 until next year.

We have halved next year, 2024. I think it will be a good year. I don’t think we’re getting up to $70,000 this year. I think next year is when we break that barrier, and then we’ll have top 2025, 2026, and then his Armageddon, Hayes said.

The crypto guru, who revealed he works at Maelstrom, his family office, noted that he considers Bitcoin a serious experiment that has proven successful so far. He also revealed that he sees Bitcoin as a sustainable form of currency that can maintain its purchasing power in terms of energy. Drawing a parallel between the value of Bitcoin and that of oil over time, Hayes suggested that Bitcoin has done well to preserve its value.

Hayes Economic Outlook

Hayes further recognized the challenges and risks inherent in the current financial system. He drew attention to the widespread practice of governments printing money to deal with rising debts, warning that this strategy is unsustainable and could potentially lead to collapse, further compounding the challenges. faced by Bitcoin and other cryptocurrencies.

You know governments print a lot of money with the Fed being the most egregious of them all and now they have exacerbated the problems if we print all that money how can we get it out of the system without causing bad effects added Hayes.

They think they are so smart that they can time the market, and the market is not going to inflict pain on them, and the market will only act in a very linear way, it won’t, he said. he continued.

Given these concerns, Hayes advised individuals to explore alternative assets outside of the traditional financial system. In particular, he suggested considering investments in bitcoin, gold, real estate or businesses that generate cash flow, stressing the importance of acting now rather than waiting for it to get bigger. difficult to access these assets.

Additionally, acknowledging that buying Bitcoin may pose challenges in some regions due to regulatory restrictions, he urged individuals to find ways to acquire Bitcoin and, if necessary, consider relocating to places where it’s easier to do that.

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