The CEO of embattled crypto exchange platform BitMEX says that leading digital asset Bitcoin (BTC) could see a seven-figure price tag in the future.
In a new article, Arthur Hayes says that he sees BTC being worth millions of dollars in the long run because governments around the world cannot stop devaluing their currencies by printing money.
[adinserter block="1"]“For a single Bitcoin, my unit is in the millions…
There is no government, ever, that resisted the temptation to print money in order to pay its bills and placate its citizens. The government will never voluntarily go bankrupt. This is axiomatic. I challenge you to contradict me with evidence.”
According to Hayes, commodities like gold and Bitcoin should see their prices rise not necessarily due to an actual increase in their value, but because the fiat currencies that are used to assess them are constantly being devalued.
“Therefore, if your time horizon is in the years, it’s time. If you mess with the bull, you get the horns. Remember: it’s not gold or Bitcoin that is increasing in price, it’s a decrease in value of the fiat currency in which they are priced.”
Hayes also notes that BTC has an advantage over other comparable commodities such as gold when it comes to ease of storage and mobility.
“If you fully accept that direct possession of physical gold is required to ensure you actually own what you think you own, then gold becomes quite cumbersome…
Whether you have 1 Satoshi or 1,000 Bitcoin to store, all that is required is a string of characters that comprise your public and private key.
That weighs essentially nothing, and can be accessed anywhere there is internet. This is the value proposition from a storage and transfer perspective of Bitcoin over gold.”
Earlier this month, Hayes and fellow BitMEX co-founders Benjamin Delo and Samuel Reed plead guilty to breaking a law that requires financial institutions to help the government detect and counter money laundering schemes.
The U.S. Department of Justice (DOJ) alleged that the trio willfully failed to maintain anti-money laundering protocols and profited from the transactions of US-based customers despite claiming that BitMEX did not serve individuals in the US.
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