Key Points
- Arthur Hayes, BitMEX co-founder, has revised his forecast for Bitcoin’s price, predicting it could reach $70,000 by the end of 2024.
- Hayes has previously held a bearish stance on Bitcoin, predicting a market correction after it hit $35,000.
- Hayes’ bullish prediction is partly due to the approval of the Bitcoin spot ETF, which is expected to drive more investment towards the token.
- Hayes also warns of a potential financial crisis due to challenges in the real estate sector, which he believes could further boost Bitcoin’s price as investors seek safe havens.
Arthur Hayes, co-founder of BitMEX, has recently expressed optimism about the future of Bitcoin.
He made this prediction during an interview on Crypto Banter.
Hayes Bullish on Bitcoin
Hayes was previously bearish on Bitcoin, anticipating a market correction after it reached $35,000.
However, he has now changed his view and believes Bitcoin could hit a new all-time high by the end of 2024.
In March 2023, Hayes had predicted that Bitcoin would reach $40,000.
After it did, the market corrected briefly, and the price dropped to $38,000.
Hayes had expected a more significant market decline but now admits that Bitcoin appears to be on a positive trajectory.
So confident was he in his prediction that he purchased points options for Bitcoin, a strategy he had previously endorsed despite its alleged lack of transparency.
Hayes made the following statement:
“I am definitely bullish for the rest of the year. I think Bitcoin is going to hit the all-time of $70,000 by the end of the year.”
Bitcoin has received many positive predictions for 2024, partly due to the approval of the spot ETF.
The ETF has been sought after by the industry for years, and its approval implies that more investment and demand can be directed towards the token.
Beyond Bitcoin, Hayes also discussed the global banking sector.
More specifically, he warned of a potential financial crisis triggered by difficulties in the real estate sector.
Many banks have exposure to the real estate sector through loans, and as the sector faces challenges, these banks are incurring losses.
Last month, Hayes highlighted the case of New York Community Bank (NYCB), which reported substantial losses.
Hayes believes that these banks may require bailouts in the future.
This potential financial crisis, he argues, will lead to a surge in Bitcoin’s price, as investors will look for safe havens.
This is an interesting point considering Bitcoin was created following the 2008 financial crisis as a critique of bank bailouts.
Almost two decades later, Hayes suggests that history may repeat itself.
