Arthur Hayes, co-founder of the cryptocurrency derivatives exchange BitMEX, said Bitcoin has the ingredients to hit $1 million by 2030, citing the collapse of the artificial intelligence bubble, significant money printing, and potential United States yield curve control as driving factors. Hayes said he believed $58,000 was likely Bitcoin's recent bottom and it would "grind higher" from current levels.
Despite his long-term optimism on Bitcoin, Hayes said his "number one pick" at present is Ethereum, which he believes could gain "3x to 5x pretty quickly." He said Ethereum, as the base layer for decentralized finance, was overdue for a price surge after being "beaten down and so forgotten," and noted it gained 20 per cent when Bitcoin recently rallied.
Hayes said he is less optimistic about Hyperliquid, a cryptocurrency asset that has attracted significant attention. "I don't think there's that type of asymmetry in the price right now. Everybody knows that Hyperliquid is here," he said, adding that better risk-reward opportunities exist in other cryptocurrencies.
On the incoming Trump administration's influence on cryptocurrency prices, Hayes said it was "irrelevant" what the president said or did. "Trump is just a very entertaining politician, but he has no effect on the price of Bitcoin," Hayes said, adding he questioned whether Trump would spend political capital on cryptocurrency legislation when other issues matter more to voters.
BitMEX announced it would close on September 23, with Hayes calling the shutdown a success. He said the exchange "landed the plane on our own terms," and that running a cryptocurrency exchange had become prohibitively expensive for all but the largest players like Binance and OKX.
