Bitmex CEO Arthur Hayes Predicts Bitcoin to reach $10,000 by end of 2019
BitMEX CEO, Arthur Hayes who previously stated that Ethereum was a shitcoin has come forward once again. This time around, in a newsletter to BitMEX customers, he has predicted that Bitcoin will reach $10,000 by the end of 2019.
He starts by stating that 2019 won’t be much:
“2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy.”
He also talks about the market correction:
“The Fed couldn’t stomach a 20% correction in the SPX. In the recent Fed minutes, the dot plot now shows now [sic] rate increases for the rest of 2019. The Fed will start reinvesting its runoff in the third quarter. We are only a hop, skip, and a jump away from an expanding Fed balance sheet.
He also brings in China into the fold:
Beijing knows China must rebalance its economy away from credit-fueled fixed asset investment. However, Xi must not have the political cojones to push this sort of painful change through. Therefore, the PBOC said ‘fuck it’ to any attempt to reign in credit growth. The two most important central banks are creepin’ back into a super easy credit regime.”
Bitcoin to reach $10,000 by year-end
Bitmex CEO @CryptoHayes calling for $BTC 10k by end of year 2019. pic.twitter.com/EDcV581dsS
— Su Zhu (@zhusu) March 22, 2019
“Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together.
The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
He also takes a dig at Ripple, Tron’s Justin Sun & Binance’s CZ.
Now coming back to the research, according to Arthur, Bitcoin’s rise in value might be an actual rise, but that the dollar fell. Unlike the USD or any other fiat currency, bitcoin can’t just be printed and only had a fixed amount.
“That’s very long term. $10,000 by year’s end would be a circa 3x rise. Fully possible, considering the halving would be due shortly by then, with the withdrawal of that new supply, combined with continued fiat inflation, creating a double effect. So we’ll see.”
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