BitMEX founder Arthur Hayes says he’s no longer short-term bearish on Bitcoin (BTC) now that the crypto king has convincingly proved him wrong.
Earlier this year, Hayes says he bought some put options for Bitcoin at a strike price of $35,000 with the expectation of a short-term price correction.
In a new interview on Crypto Banter, Hayes says that he’s expecting BTC to hit new all-time highs by the end of this year and is no longer anticipating any significant correction for the time being.
“[I’m] definitely bullish for the rest of the year. I think Bitcoin is going to hit the all-time of $70,000 by the end of the year.
My put position was just like a cheeky short position. I thought ‘You know what? I think that the Fed is going to renew the bank term funding program, there might be some banking stress.’
Bitcoin did swoon a bit in March 2023 when the banks started going under. Maybe it’ll be a little bit similar this time. I thought it would break $40,000 – it did.
It only went down to $38,000 or something, it didn’t really continue going. I assessed the market, and thought, it’s not really doing what I want it to do, and the option fees are killing me, I’m just going to close these things. And Bitcoin is on its way back up.
I mean, I’m long as f**k anyway, it doesn’t really matter anyway at the end of the day. This is just trying to make some extra shekels so I can buy some more beers for my boys.”
Hayes has also mentioned the possibility of another banking crisis triggered by the embattled commercial real estate sector which many banks are exposed to via loans.
According to Hayes, who now runs the venture capital firm Maelstrom, the central banks will inevitably turn to the money printer to create massive amounts of liquidity into the markets to save the economy in the event of another banking collapse.
At time of writing, Bitcoin is worth $48,212, a slight decrease in the last 24 hours.
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