Arthur Hayes Reiterates Bitcoin Price Prediction of $1 Million: "It's Time to Go All-In Bull Mode"

On April 30th, Arthur Hayes, the co-founder of BitMEX, expressed a bullish stance on the cryptocurrency market during the Token2049 conference held in Dubai. In his keynote speech, he stated, "It is time to be bullish on everything," referring not only to cryptocurrencies but also to the stock market. To back up this view, Hayes put forward his frequently mentioned argument that the US will need to effectively print more money in a manner similar to quantitative easing. He believes that this could ultimately lead to an increase in cryptocurrency prices. Hayes mainly compared the current market situation to the third quarter of 2022. He pointed out that the market conditions at that time were worrisome, such as the central bank's interest rate hikes. In the cryptocurrency sector, it was also just before the FTX collapse. However, he said that the US intervened through its buyback plan and injected $2.5 trillion into the economy. After Trump advocated high tariffs on the US trading partners, the market was generally concerned about the economic situation. The initial statements led to a market crash, but after a 90-day tariff suspension, the market eased. Hayes also stated that Federal Reserve Chairman Powell is not a fan of Trump and is unlikely to intervene to fix the market. Nevertheless, he argued that even if the banking system does not directly provide funds for the repair, relative value hedge funds will provide funding through US Treasury buybacks. He said that these hedge funds may buy more bonds, thereby increasing liquidity. Hayes believes that by 2028, the price of Bitcoin could reach $1 million.