Arthur Hayes says bitcoin will not be able to reach record highs in 2023

Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, said that the flagship digital asset will not be able to reach new records in 2023. The analyst voiced his opinion during the What Bitcoin Did podcast.

According to Hayes, the next few years will see a «real armageddon» in the crypto market. The former BitMEX CEO is convinced that a large-scale global crisis will begin. At such a time, it is unlikely that anyone will be interested in mining or buying bitcoins, the analyst emphasized.

«I don’t think bitcoin will rise to $ 70,000 this year. Most likely, we will overcome this level next year, after halving. in 2025 and 2026, bitcoin will continue to grow. And then I expect armageddon. This situation will not happen when everyone expects… Rightnow, we are sitting on a powder keg — the US has printed a huge amount of money, there is no trust in it, and people are trying to make a living,» Hayes said.

As for the volatility of cryptocurrencies, the expert believes that it will be associated with the turmoil in the financial market. The banking crisis has forced the US Federal Reserve to issue new dollars to finance banks, which will affect the economy in the second half of the year. Therefore, the expert expects another crisis in the US financial system and significant price fluctuations in the cryptocurrency market.

In early May, Arthur Hayes said that the crisis in the US banking sector could push the ETH rate to $ 1 million. In a series of tweets, Arthur Hayes shared his opinion on the current situation with banks and how it could affect the cryptocurrency market. The analyst is confident that the collapse of First Republic Bank will not be the last in the financial sector.

According to Hayes, the Fed either «doesn't realize what it’s doing or it does and is praying that investors don’t realize anything.» In any case, raising rates guarantees the collapse of another bank, Hayes wrote. He suggested that this bank’s loan portfolio would be dominated by illiquid commercial real estate loans.