Arthur Hayes: Bitcoin Will Grow to $70K Next Year
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, has predicted that the value of Bitcoin could reach as high as $70,000 by March 2024, in the event that the Federal Reserve lowers interest rates.
Hayes has stipulated in a blog post that the Fed’s review of financial policy is expected when the US consumer prices show some positivity.
Currently, Bitcoin is still trading at above $20,000, which implies that investors are unlikely to withdraw large amounts of capital from the crypto market.
Hayes asserts that the difficult situation of the US economy calls for the government to introduce a flood of money, which may consequently decrease the convenience of owning government debt, leading traders to transfer to Bitcoin and gain from this newfound financial freedom.
