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Bitcoin has bounced back from a huge price crash this week—though crypto exchange Coinbase has issued serious warning to users.
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The bitcoin price has swung from highs of $70,000 per bitcoin last month to lows of under $50,000 on Monday. The rebound, coming along with a stock market rally, has been helped by two of former U.S. president Donald Trump’s sons, Eric and Don Jr., have teased a “big” crypto announcement.
Now, after Trump floated a radical plan to solve the U.S. debt crisis, legendary trader Arthur Hayes has predicted the bitcoin price could soar to $1 million—something that would give bitcoin a market capitalization of $20 trillion.
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U.S. Treasury secretary Janet Yellen could send the bitcoin price sharply higher if forced to turn … [+]
“The bitcoin price in this cycle is going to go very, very high,” Hayes, a cofounder of bitcoin and crypto derivatives pioneer BitMex, told DLNews. “Hundreds of thousands of dollars, maybe $1 million.”
Hayes, who now runs the Maelstrom Fund family office, said he believes the world is “entering a period where the global monetary architecture is completely changing.”
Earlier this week, as the unwinding of the Japanese yen so-called carry trade tanked the bitcoin price, crypto and stock markets, Hayes predicted U.S. Treasury secretary Janet Yellen would be forced to intervene in a future financial crisis and “fix it with printed money.”
“Like any politician, regardless of party affiliation or economic beliefs, [vice president and Democratic Party 2024 nominee Kamala] Harris will instruct Yellen to use the monetary tools available to her to avert a financial crisis,” Hayes wrote in a blog post. “Of course, that means the money printer will go brrr in some way, shape, or form. Harris will not want Yellen to wait—she’ll want Yellen to act forcefully and immediately.”
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The bitcoin price has recovered from a crash this week, with traders now feeling bullish again.
Meanwhile, the bitcoin price has roared back from its “crypto Black Monday” crash, adding more than 10% and putting a $100,000 bitcoin price in target for traders.
“Bitcoin is resurgent after a dramatic switch from fear to greed,” Arthur Firstov, chief business officer at crypto payments provider Mercuryo, said in emailed comments and sharing data that showed a “stampede” of buyers caused a 82% week-on-week spike in transaction volume. “As the digital token market is pulled higher crypto enthusiasts are once again focusing on the king of crypto breaching the $100,000 mark.”