BitMEX CEO Arthur Hayes says he believes Bitcoin is heading to a new all-time high. In an interview with Venture Coinist, Hayes says the new generation’s love for all things digital will fuel mass adoption of crypto.
“Now that we’ve come to this time period where the baby booming generation and the older Gen Xers are entering the years when they are disposing of assets, their tastes and preferences are less relevant than the younger generation, Millennials, who are entering their prime asset earning years. And so what do we know about Millennials?
Some of them, on the younger end of the spectrum, are digital natives, mobile first. They’ve had a screen in their hand since they were a young child. They’re very comfortable using a service which has very little human interaction…
So, if you take this sort of change in how we deal with services, and we bring it to the financial services ecosystem, you can see that analogue ways of dealing with money and trading are not going to be successful in the next 10 to 20 years. It’s going to be mobile-first platforms. It’s going to be platforms that deal only on the internet.”
Hayes says a new round of money printing from governments around the world will boost Bitcoin by the end of the year, bringing BTC to $10,000.
“I think that we could easily be at $10,000 Bitcoin by year end, just because all central banks are now printing money again just like they were in 2016 and 2017. Now, whether we go down to $2,000 or $3,000 mark, I don’t really know. I don’t think it will be a quick, straight shot up to $10,000 or $20,000 because the first thing people are going to invest in with all their newfound free money is probably Lyft, Uber, Pinterest. All these major tech IPOs that are coming to market are going to soak up a lot of this liquidity. And once you get done with those things, and towards the end of the year, then people are going to look for the next thing.”
In the long run, Hayes says cash will disappear completely, removing the number one way people enjoy financial privacy. Without cash, Hayes envisions true mass adoption of cryptocurrency, giving Bitcoin the potential to reach $50,000 and beyond.
“I think China and India are going to be the first to really do it, but every other government – I don’t care if you’re in the West or the East – will ban cash in the next five years. And at that point, people are really going to discover what financial privacy really means. And it doesn’t mean holding a million US dollars in gold bars in your basement, because that’s really hard to move that around. You’re going to need some sort of digital cash.
And that’s where I see the value proposition of Bitcoin finally clicking in everyone’s head, when they realize, ‘Oh shit. I used to be able to take out a $10 bill and go buy a dime bag of weed. But I can’t do that anymore. There’s no more cash. I have to use this app’…
So all of a sudden, people are really going to think about ‘How do I get financial privacy?’ And at that point, crypto is going to take a next leg forward. Now whether that’s Bitcoin or something else, I have no idea. Bitcoin is probably the most widely known crypto, and it most likely will be the successor. In terms of a price target, I don’t know, say $50,000 in the next two to five years. But it could go materially higher if the world plays out the way I think it’s going to play out.”
Right now, the crypto market is mostly in the green. Bitcoin is up 0.45% at $5,053. Ethereum is down 0.16% at $165.35, and XRP is down 0.38% at $0.3281.
Technical analysts are watching Bitcoin cling to $5,000, eyeing Ethereum and XRP, and anticipating a potential shift for Litecoin.
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