It became known when bitcoin cryptocurrency will grow to $ 1 million

Arthur Hayes, a cryptocurrency analyst and former chairman of BitMEX, shared his opinion on the growth prospects of the market’s flagship. Hayes agreed with the prediction of former Coinbase CTO Balaji Srinivasan that BTC $60,556.40 Bitcoin -3.29% Market capitalization $1.19 trillion VOL. 24 hours $1.47 billion has every chance of reaching $ 1 million. However, opinions differ on when this will happen.

According to Arthur Hayes, it will take another 2−3 years for bitcoin to reach its historical high. «Do I think Bitcoin will reach $ 1 million in 90 days? No, I don’t think so. I think bitcoin will reach $ 1 million in this cycle, which will last 2−3 years,» the analyst emphasized in an interview with Bankless Podcast.

As for Srinivasan, a few days earlier, the investor said that the looming global banking crisis could push bitcoin’s value to $ 1 million in less than 90 days. According to his forecasts, the banking crisis in the United States could cause hyperinflation, which would lead to a seven-figure increase in the price of BTC.

As Hayes explained his point of view, the growth of bitcoin will be the result of excessive liquidity created in the financial market by quantitative easing (QE) and the BTFP bank bailout program. The BTFP is an emergency lending initiative offered by the Fed to banks in exchange for US Treasury bonds, mortgage-backed securities, and other eligible collateral assets.

On the evening of March 22, while the cryptocurrency market was waiting for the results of the Federal Reserve meeting to be announced, bitcoin came close to $ 29,000. However, after the Fed raised the key policy rate range by 25 basis points to 4.75−5% per annum, the digital asset fell by $ 2,000. Thus, the bitcoin rate dropped to $ 26,900.