Arthur Hayes says bitcoin has every chance of becoming the world’s main currency

Arthur Hayes, a cryptocurrency analyst and co-founder of BitMEX, shared his opinion on the future importance of bitcoin for the entire world. Hayes is convinced that BTC has every chance of becoming the world’s main currency.

According to the expert, bitcoin will strengthen its position in the global financial system, weakening the influence of the US dollar. In the medium term, BTC $56,050.60 Bitcoin -2.01% Market capitalization $1.11 trillion VOL. 24 hours $4.29 billion may become the world’s reserve currency. More and more investors are considering bitcoin as a means of preserving capital, Arthur Hayes emphasized.

«Over the past year, the use of the dollar in the global economy has declined. Asian and Latin American countries are entering into agreements with China and India on mutual settlements in national currencies,» the former BitMEX director emphasized.

Hayes predicted that the Federal Reserve and the US government will try to maintain the dominant position of the US currency, but they will not be able to stop the process of its weakening.

At the same time, bitcoin will continue to be actively adopted. It is becoming not only a means of capital accumulation, but also a payment instrument, the BitMEX co-founder emphasized.

In late March, Hayes said that BTC would soar to $ 1 million. The global financial crisis is undermining investors' confidence in the traditional banking system and forcing them to look for alternative instruments to hedge their risks. It is this factor that creates the conditions for increasing the value of the leading cryptocurrency, the analyst believes.

William Zilke, Chief Revenue and Marketing Officer at BitPay, is also convinced that Cryptocurrencies are a risk hedging tool. In early April, the expert said: «Bitcoin is becoming a hedge against inflation and growing banking uncertainty, so we are seeing its price rise partly because investors are looking for protection.»

Currently, the value of the market’s flagship has fallen by 8.7% over the past 7 days. Crypto market experts attributed the drop in BTC to previous overly positive market sentiment and the US Federal Reserve’s announcement of a planned interest rate hike.