Arthur Hayes, the former CEO of Bitmex, has shared his thoughts on the future of cryptocurrencies and issued some bold predictions about Bitcoin (BTC) and Dogecoin (DOGE) in a recent podcast. Thus, the entrepreneur thinks Bitcoin could reach $100,000 by the end of 2024, and maybe even $250,000 by the end of 2025.
Meanwhile, Dogecoin, the major meme coin, which has seen a lot of price appreciation lately, might even reach $1 in the near future, thinks Hayes.
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Such an optimistic outlook from the ex-Bitmex boss is down to a mix of global economic trends and changing monetary policies. Hayes argues that economic stimulus efforts, especially in the U.S., will keep driving inflation, which will make more people turn to cryptocurrencies like Bitcoin as a hedge against traditional financial assets.
He also mentioned that incoming economic policies could bring manufacturing jobs back to the U.S., which would bring a lot of money into the domestic economy. As manufacturing and domestic production rise, Hayes expects inflation to follow, which will benefit Bitcoin as an alternative store of value.
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It's not all about Bitcoin though as the global economy is overall primed for digital currencies, notes Hayes.
He is confident that monetary authorities in China, Japan and the EU are all pumping money into their economies, and U.S. monetary policies are also likely to support the rise of cryptocurrencies. The current inflationary environment, along with lower bond yields, is making traditional investments less attractive, so investors are turning to alternatives like crypto.
Warning
There's a big catch though as even though Hayes is all-in for crypto in the future, he reminded newcomers to the space to be careful, avoid making emotional decisions and take profits at the right time.
He also warned listeners about the risks of chasing profits without a solid strategy, especially in light of past events like the FTX collapse, which have shown how quickly things can go wrong in the crypto world.
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Overall, Hayes is bullish on Bitcoin and Dogecoin, but he thinks the crypto space will keep growing if there's a good mix of tech innovation, venture capital and a healthy dose of what we've learned from past mistakes.
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