- The most recent of these forecasts comes from BitMex co-founder Arthur Hayes, who believes the pioneer cryptocurrency will reach $1 million in value.
- He concludes by stating that people should not allow others put them in a negative light because they wish to defend their money through various monetary systems.
- Gold is a fantastic store of value, he noted, but storing it as a person can be difficult. In comparison, bitcoin is simple to store, doesn’t take up a lot of space, and is easy to transfer about.
Bitcoin is still in what some refer to as its ‘early innings,’ implying that the digital asset’s value is still far from where it is expected to be in the future. This has resulted in some rosy projections for the digital asset. The most recent of these forecasts come from BitMex co-founder Arthur Hayes, who believes the pioneer cryptocurrency will reach $1 million in value.
What Might Fuel Such Expansion?
In the financial markets, there are numerous socio-political forces at the moment. The most notable of these has been Russia’s invasion of Ukraine, which has resulted in a slew of sanctions against the former. In a blog article titled Energy Cancelled, Hayes discusses the increasing war and the world’s response, as well as what this could mean for crypto and other financial market assets.
Hayes predicted that Bitcoin would follow gold in a phase transition that would occur in the near future. According to him, the demand for assets such as gold will rise as a result of this phase transition. He went on to say that this could easily push the actual asset up to $10,000. Gold might see fantastic prices that seem unfathomable, he said, adding that the market could see stupendous prices for gold that look unfathomable.
This rise in gold, bitcoin’s main competitor, would also help to propel the digital asset forward. Both of these assets constitute hard money, according to Hayes, with one being analog (gold) and the other being digital (bitcoin).
As gold marches its way over $10,000, bitcoin will march its way to $1,000,000. he explains, adding, As gold marches its way above $10,000, bitcoin will march its way to $1,000,000. The world’s largest wealth shift will be triggered by the bear market in fiat currencies.
The BitMex CEO also describes how to use both of these digital assets as a wealth store in his essay. He explained that banks are still buying gold because of the precedent that has been set in the past. Because it is a tangible asset, banks and states must send it all over the world to use it as a store of wealth, and Hayes believes that banks will tire of having to transfer it about.
Bitcoin Is Indeed A Superior Asset Storage
Gold is a fantastic store of value, he noted, but storing it as a person can be difficult. In comparison, bitcoin is simple to store, doesn’t take up a lot of space, and is easy to transfer about. Furthermore, Hayes believes that for those who already know how to spend money and save gold, the transition to spending fiat and saving bitcoin is minor.
He concludes by stating that people should not allow others to put them in a negative light because they wish to defend their money through various monetary systems. If even the poshest, most establishment, sycophantic media institutions reach the same conclusions as this piece, Hayes wrote, then only those who refuse to open their eyes and ears will be left in the dust of history believing nothing is afoot.
ALSO READ: How To Buy BTT Crypto
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/19/as-per-bitmexs-founder-these-are-the-factors-which-could-propel-bitcoin-to-1-million/