Crypto veteran Arthur Hayes thinks the US authorities’s borrowing wants will drive up the worth of Bitcoin (BTC).
The BitMEX co-founder predicts in a brand new interview with Fortune that the highest crypto asset might hit $200,000 within the present run and $250,000 by the top of the yr.
“I consider that the US authorities has to borrow more cash than what we expect, and subsequently, [Treasury Secretary] Bessent should situation extra debt and subsequently he must discover a approach for these people to acquire as a lot leverage as attainable by means of the banking system and finally that implies that there’s extra {dollars} floating round on this planet as a result of the US authorities is spending more cash on stuff.
In order that’s type of the TLDR (too lengthy, didn’t learn) on what a buyback is and the way I consider it’s optimistic for liquidity available in the market and which is why I believe Bitcoin bottomed on April ninth and can proceed a lot, a lot larger as the federal government continues to borrow cash and Bessent does what is critical to verify they’re funded at an reasonably priced charge.”
BTC is buying and selling at $105,379 at time of writing. The highest-ranked crypto asset by market cap is up greater than 1% prior to now 24 hours.
Hayes additionally predicts Bitcoin will hit $1 million by the top of Donald Trump’s presidency in 2028.
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