BitMEX co-founder Arthur Hayes believes that crypto markets are undergoing a short-term correction before Bitcoin (BTC) and other digital assets soar to new all-time highs by the year’s end.
In a new interview, Hayes says that deep corrections are not unusual based on historical bull cycles and believes it’s creating a healthier market structure that will help propel Bitcoin to $250,000 this year.
[adinserter block="1"]“This thing is a short-term pain. We’re clearing out the deadwood. We had a great run from $20,000 to $110,000 on Bitcoin, essentially FTX low until TRUMP coin, and now we got a 30% correction. It’s pretty normal for a bull market. Yes, people might have had a little bit too much leverage. Maybe they bought too many shitcoins. But I think we’re going to clear out all that deadwood, and I still believe that we could be $250,000 Bitcoin by the end of the year.
Does that mean that the particular shitcoin you own is going to be 100x higher? Probably not, because people get a little bit more discerning in the type of thing that they own, but at least from Bitcoin’s perspective, and overall market capitalization of crypto, I think we’re going to be much higher by the end of the year than we are today.”
Hayes believes one main driver for Bitcoin and other digital assets to soar will be a large expansion of the monetary supply as governments print more money to address worsening macroeconomic conditions.
“We know the response. When there’s financial distress, they always print money. It doesn’t matter what the political leanings, left, right, center, print money. This is the system that we’re in. We need the stress. We know what the response is. Survive the stress, profit from the response and so that’s our goal as crypto investors.”
Bitcoin is trading for $84,677 at time of writing, up 4.4% in the last 24 hours.
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