Bitcoin News

Crypto Billionaire Arthur Hayes Foresees Bitcoin ($BTC) Soaring to $1 Millio

Arthur Hayes, Co-Founder and Former CEO of crypto derivatives exchange BitMEX, has confirmed his belief that the price of Bitcoin ($BTC) will surge to $1 million. Hayes said in a thread posted with his over 370,000 followers on the microblogging network Twitter that the failure of First Republic Bank would not be the last in the banking industry.

Hayes predicts that another regional bank will have liquidity issues as the Federal Reserve prepares to raise interest rates again, expressing pessimism about the Fed’s scheduled 25 basis point rate rise. According to him, the Fed either doesn’t “get it” or does and is “hoping and praying the market is stupid.” In any case, he thinks a rate rise “almost” guaranteed the failure of another non-(too-big-to-fail) bank.

He further said that First Republic Bank’s loan portfolio, which he claims was packed with “jumbo mortgages” issued to rich customers at cheap rates, has declined in value as interest rates have risen. Hayes believes that the next bank to fall will have a loan book that is significantly weighted with illiquid, large commercial real estate loans.

The BitMEX co-founder also said that the impending financial crisis might cause a macroeconomic upheaval, giving momentum to Bitcoin’s stratospheric rise to $1 million. Hayes’ $1 million Bitcoin estimates have been consistent.

Hayes also laid out a plan for capitalizing on the crisis, stating that he would “look through my sell-side research for a chart that shows the US banks with the largest CRE portfolios.” following that, I’ll search for 50%-75% OTM (out of the money) short-dated options on these banks to buy following the Fed meetings.”

Hayes warned earlier this year that he thinks a huge crypto price correction is on the way, but that after it, there might be a prolonged bull run that he is “super bullish” about, as CryptoGlobe reported.

According to the co-founder of BitMEX, the Federal Reserve’s reaction to the financial crisis may push investors to the flagship cryptocurrency Bitcoin and the cryptocurrency ecosystem. According to the former BitMEX CEO, Bitcoin’s weightlessness and invisibility compared to conventional savings vehicles such as gold and real estate may make it an appealing alternative for investors trying to secure their investment. 


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