BitMEX founder Arthur Hayes believes Bitcoin (BTC) could hit a seven-figure price in the coming years.
In an interview on the Kyle Chasse YouTube channel, Hayes says Bitcoin could reach a price of $1 million by the end of 2028.
[adinserter block="1"]According to Hayes, the potential easing of US monetary policy will positively impact Bitcoin’s price.
“…we know you’re going to print more money, we know that Bitcoin does best when money is printed. I don’t know, I can’t tell you what stock is going to do well, that’s hard. But I can tell you where Bitcoin’s going to go.”
Hayes says the US budget deficit, which he sees continuing to increase even after the change of administration, will serve as a bullish catalyst for Bitcoin’s potential rise to a price of $1 million.
“Biden issued about $7.1 trillion of debt, the Treasury issuance over his term and we got Bitcoin 6x [from around $10,000 to over $60,000]…
That’s a $7.1 trillion deficit. The deficit is already expanding under Trump…
And if you think about the US population is getting over structurally. So Social Security and Medicare payments will rise structurally. They can’t stop that.
The defense budget is going to only increase. They’re going to have to re-shore production, build a bunch more missiles and bullets and all that sort of stuff right. And so again, the deficit is only going one way – it’s going higher…
So the things that drive the budget are only going up and interest on the Treasury debt again is expanding exponentially because even if Trump is successful on his plan, which is 3% deficit by 2028, because of where you started with, the size of the debt, your interest costs are still expanding exponentially.
So again there’s just no way mathematically, unless they decide we’re going to shut down the government which is not what he’s talking about that they’re going to be able to spend less than Biden.”
The BitMEX founder further says the increasing adoption of Bitcoin as a safe-haven asset will also positively impact the flagship crypto asset.
“We now have an ETF, we now have this narrative in an institutional investor’s mind that, ‘Oh, Bitcoin is not just NASDAQ, high beta. It’s actually a hedge against the fall of American exceptionalism, the fall of the American hegemonic empire, maybe I should own some of this. This is going to do well.’”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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