Arthur Hayes "Bitcoin will hit $1 million in this bull market"
Former BitMEX CEO Arthur Hayes argues that bitcoin will reach $1 million in this bull market cycle, citing the democratization of bitcoin trading through BTC spot exchange-traded funds (ETFs). Speaking on a podcast hosted by Anthony Pompliano, Hayes pointed to bitcoin's entry into traditional asset classes and the timing of the bull market as favorable for bitcoin's price appreciation. "The introduction of ETFs has made it easier for investors to invest in bitcoin with a single click," he said. "The recent global economic uncertainty and subsequent currency depreciation will drive bitcoin higher in this cycle."
Hayes has a long-term price target of $1 million for bitcoin. "Those who are satisfied with Bitcoin hitting $70,000 are not imaginative enough," he said. "Considering how quickly bitcoin reached $70,000 when so many people could buy bitcoin with a click, the bull market is just beginning." "At the end of this bull market, bitcoin will eventually reach $1 million."
A number of crypto market "celebrities" have recently called for bitcoin to reach $1 million. Ark Investments CEO Cathie Wood has called for $1 million bitcoin in six years in several interviews, while Blockstream CTO Sampson Mowe has predicted bitcoin's $1 million milestone, citing massive dollar issuance and halving.
