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Arthur Hayes, the Co-Founder and CEO of BitMEX, a Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin predicts that the pioneer cryptocurrency will sell for at least $50,000 by the end of 2018.
The Co-founder and CEO of BitMEX, Arthur Hayes predicted that positive regulatory actions could send the cryptocurrency Bitcoin soaring up to $50,000 in 2018.
One of the key positive regulations that Hayes suggest will trigger this forecasted bullish rum for Bitcoin is the ETF. He notes that the ETF will bring real money to the table, as primary dealers have to go and get inventory, and there will be subscriptions for real money to buy the asset.
While Hayes was speaking on CNBC Fast Money on June 29th, 2018 he made what others call a "SupwerBowlish Forecast", saying that just one positive decision for cryptocurrency regulations would send Bitcoin climbing from $20,000 to $50,000 by the end of the year.
Bearing in mind the drop in Bitcoin's price that we have been seeing for most of 2018, Hayes remains bullish, attributing the market volatility to nothing more than a "normal correction."
As Hayes explained on CNBC Fast Money:
"I think that something that goes up to $20,000 in one year can have a correction down to $6,000 and will definitely find a bottom at about $3,000 and $5,000 range."
Hayes prediction is consistent with the opinions of many long term investors who have been HODL'ing, viewing every drop as an opportunity to buy more Bitcoins.
BitMEX is the world's largest cryptocurrency exchange by volume, with the company tripling its total trading volume of 2017 in what Hayes already views as a great year.
Although many people assume that the recent volatility in cryptocurrency markets, especially Bitcoin, is simply all about price movement. Hayes, whose company thrives on volatility explains that the slump in price actually reduces the level of volatility in the market. Thus, for the market to flourish, increased capitalization is needed.
Hayes is confident in the predicted trend reversal, citing historical patterns that have seen Bitcoin endure through significant price corrections in the past. He believes the cycles are even going to happen quicker these days considering
Hayes expresses confidence in the predicted trend reversal citing historical patterns that have seen Bitcoin post some significant corrections in the past. In his opinion, the cycles are even expected to happen quicker these days considering the increased volume being traded in the market.
TOPICS: BITCOIN, CNBC, CRYPTOCURRENCY, ETF, FAST MONEY, PREDICTIONS, REGULATION
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