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Arthur Hayes, the founder of BitMEX, anticipates that Bitcoin (CRYPTO: BTC) could potentially reach a value of $1 million by 2028.
What Happened: Hayes holds the belief that Bitcoin could reach a seven-figure price in the upcoming years. During an interview, Hayes projected that Bitcoin could hit a price of $1 million by the end of 2028.
He said this surge is expected due to the easing of US monetary policy and the growing acceptance of Bitcoin as a safe-haven asset.
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During the interaction, Hayes attributes the potential surge in Bitcoin’s price to the expected easing of US monetary policy. He stated, “we know you’re going to print more money, we know that Bitcoin does best when money is printed.”
Hayes also highlighted the US budget deficit, which he anticipates will continue to rise even after the change of administration, as a bullish catalyst for Bitcoin’s potential rise to a price of $1 million.
“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 said during the interview.
“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,” he said.
“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,” he added.
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The BitMEX founder also mentioned the increasing acceptance of Bitcoin as a safe-haven asset as another factor that will positively impact the flagship crypto asset.
He stated, “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.'”
