The most famous cryptocurrency analyst is confident in the further growth of bitcoin and explained why

The crypto investor and co-founder of BitMEX said that the situation in the Middle East will determine the direction of bitcoin’s price: if the conflict between Israel and Iran escalates, the value of the first cryptocurrency, like oil, will rise sharply.

Arthur Hayes believes that bitcoin shows a certain correlation with commodities during periods of high inflation and geopolitical tension. In his opinion, the first cryptocurrency is stored energy in digital form, and if the cost of energy goes up, the first cryptocurrency will also show growth.

«What will happen to the price of bitcoin if the situation in the Middle East worsens? It will soar,» he said.

As for mining the first cryptocurrency, the profitability of mining the asset will be adjusted due to changes in complexity, and if the hash rate drops, the mining complexity will also decrease, which will ensure companies' profits despite the energy crisis caused by the conflict between Israel and Iran, the investor noted.