Ex-BitMEX Boss Hayes Sees Bitcoin Breaching $1M by 2028 on Global Financial Strains

Former BitMex CEO, Arthur Hayes, said the price of Bitcoin is set to soar to over US$1 million by the end of 2028 as global economic conditions drive investment in the OG cryptocurrency.Hayes argued that “foreign capital repatriation” and the devaluation of US treasuries would see investors around the world flock to Bitcoin as a safe-haven asset.He believes investment in Bitcoin will boom under President Trump as investors look to take advantage of POTUS’ favourable approach to crypto before a potentially more hostile administration takes over after the next election in 2028.The price of Bitcoin is set to surge to over US$1 million (AU$1.55 million) by the end of 2028, according to Arthur Hayes, the outspoken co-founder and former CEO of crypto exchange BitMex.Writing in a May 15 blog post, Hayes explained his theory that global economic conditions are aligning to create a perfect storm that could see Bitcoin’s price explode. In particular, Hayes argues that “foreign capital repatriation” and the “devaluation” of US Treasuries will drive investors to Bitcoin as a safe-haven asset, as other more traditional asset classes begin to struggle. Foreign capital repatriation and the devaluation of the gargantuan stock of US treasuries will be the two catalysts that will power Bitcoin to $1 million sometime between now and 2028. Arthur Hayes, Former CEO of BitMex Hayes anticipates this flight to Bitcoin happening before the end of 2028 because that’s when the next US presidential election takes place. I say 2028, because that is when the next US presidential election occurs and who knows what type of politician will win and what policies they will enact. Arthur Hayes, Former CEO of BitMex The former BitMex chief said now is the time for investors to take their chances on Bitcoin while the pro-crypto Trump administration remains in power, writing “the time is now to make hay while the sun king takes a shine to Bitcoin.”Related: Bulls Are Back in Town: Institutional Flows Fuel Bitcoin’s BreakoutGlobal Economic Policies Will Push Investors Towards Bitcoin, Says HayesHayes believes that as US treasuries and other traditional financial assets begin to devalue due to global macroeconomic factors, governments around the world will begin to implement “capital controls” to prioritise investment in their domestic industries and prop up their economies. As the Chi-Merica divorce slowly progresses forward, it will lead to a balkanization of the global financial markets. Nation-first monetary policies will necessitate capital controls, and this policy prescription will be implemented everywhere, including America. Arthur Hayes, Former CEO of BitMex While investors could lose access to many of the more attractive foreign investments, according to Hayes, Bitcoin will remain accessible as a high yielding asset.“As long as there is the internet, you will be able to sell fiat for Bitcoin. Even if centralized exchanges are banned, or banks are forbidden from processing Bitcoin-related transactions, you will still be able to exchange fiat for Bitcoin,” he said. “I am confident of this because of how things work in China.” China has effectively banned Bitcoin trading since 2017, however Chinese investors still trade Bitcoin peer-to-peer as the government has limited power to control this kind of trading.Hayes thinks it’s unlikely Trump would try to stop Americans from using the “Bitcoin global capital life boat” because “we know Team Trump views Bitcoin positively due to the changes initiated at the various regulatory agencies.”Hayes Predicted Some of Bitcoin’s Recent Price MovesHayes is a prolific predictor of the crypto market’s movements, often writing at length about what he believes will happen — he has a mixed record in terms of accuracy. Recently though, some of his forecasts have proven pretty accurate.He accurately predicted Bitcoin’s recent return to US$100,000 (AU$155,697).And before that, he called the retracement that saw BTC bottom out in the US$70,000s (around AU$108,994).Related: Arthur Hayes Says US Unlikely to Boost Bitcoin Reserves Amid Debt and Image ConcernsOf course, there’s no shortage of high-profile crypto investors happy to tell you what they think the future holds. Last September, Michael Saylor — perhaps the world’s most bullish Bitcoin bull — predicted a Bitcoin price of US$13 million (AU$20.3 million) within 20 years. And last March, Cathie Wood, the CEO of Ark Invest, disclosed that her company now forecasts Bitcoin breaking US$1 million before 2030.The post Ex-BitMEX Boss Hayes Sees Bitcoin Breaching $1M by 2028 on Global Financial Strains appeared first on Crypto News Australia.