Categories: BitcoinNews

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

“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.”


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Rishabh

Rishabh Bose is a partner & news writer at Blockmanity. He is a productivity engine and has been a cryptocurrency & blockchain consultant since early 2018.

Share
Published by
Rishabh

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago