Arthur Hayes: «Bitcoin will reach $ 1 million at the end of the decade»

Former BitMEX CEO Arthur Hayes suggested that by the end of the decade, BTC will reach $ 1 million and gold will reach $ 20,000 due to ineffective monetary policies of the US and the European Union.

Hayes believes that the COVID-19 pandemic has revealed structural flaws in the monetary policies of the US and the EU, which are the largest financial markets in the world. According to him, the economic model of the West is built on the assumption that the worst-case scenario will never materialize, but today the Fed and other central banks are trying to cope with the current situation by printing money.

If this continues, the monetary policies of the United States and the European Union will lead to disaster in the long run. And this will have a positive impact on the CTS rate.

According to Hayes, the future of bitcoin is not bright. The only way to preserve the value of bitcoin is to use it for everyday transactions. Miners spend electricity to maintain the network. To cover their expenses, they must receive money in a crypto asset that has social value and economic stability. Therefore, bitcoin should be actively used in everyday life, which contradicts HODL’s strategy, which is very popular in the market.

In the short term, Hayes has the following expectations: by the end of the second quarter, bitcoin will drop to $ 30,000, and the rest of the cryptocurrency market will sink with it.