BitMEX Founder Arthur Hayes Turns Bullish on Bitcoin, Forecasts New All-Time Highs in 2024
BitMEX founder Arthur Hayes has shifted his stance on Bitcoin (BTC), no longer holding a short-term bearish outlook. After being proven wrong by the crypto’s recent performance.
Initially, Hayes had purchased put options for Bitcoin at a strike price of $35,000, anticipating a short-term correction. However, in a recent interview on Crypto Banter, Hayes revealed his bullish sentiment, predicting BTC to reach new all-time highs of $70,000 by year-end and dismissing the likelihood of significant corrections for the foreseeable future. Reflecting on his put position, Hayes explained it was a speculative move, influenced by potential banking stress due to the Federal Reserve’s actions.
However, Bitcoin’s resilience, coupled with high option fees, led Hayes to close his positions as the market failed to meet his expectations. Despite this, Hayes maintains a positive long-term outlook on Bitcoin, focusing on accumulating more holdings. He also highlighted concerns about a potential banking crisis, particularly in the commercial real estate sector, which could prompt central banks to inject liquidity into the markets. As the head of venture capital firm Maelstrom, Hayes predicts central banks will resort to money printing to mitigate economic fallout from any banking collapse.
Clever Robot News Desk 13th February 2024