Arthur Hayes Predicts Bitcoin’s Value Soaring To $1 Million Amid Financial Turmoil

Former Bitmex CEO Arthur Hayes has made a bold prediction on social media, foreseeing a substantial surge in Bitcoin’s value to $1 million.

Hayes attributes this optimistic outlook to anticipated banking bailouts and extensive money printing by the Federal Reserve. Expressing skepticism about the strength of the U.S. economy and banks despite Federal Reserve Chair Jerome Powell’s assurance, Hayes pointed to the troubled New York Community Bancorp (NYCB) as a potential indicator of financial instability. Following Moody’s decision to downgrade NYCB’s credit rating to junk status and the bank’s alarming $252 million quarterly loss, Hayes emphasized the likelihood of NYCB’s bankruptcy, linking it to an impending Bitcoin valuation milestone.

The concerns surrounding NYCB’s financial woes have intensified, with fears gripping the U.S. banking sector following the bank’s significant losses and commercial real estate concerns. NYCB’s stock plummeted by 40% in a single day, reflecting the severity of the situation. Emphasizing the systemic risks, Hayes commented on NYCB’s future trajectory, transitioning from a junk rating to potential bankruptcy. He correlates this potential financial crisis with the increased likelihood of more money printing, further reinforcing his belief in Bitcoin’s ascent to $1 million.

Clever Robot News Desk 10^th February 2024