Bitcoin Could Reach $1 Million within 8 years: BitMEX Co-Founder- Is it possible?

One of the industry’s most well-known pundits predicts that Bitcoin (BTC) will cost $1 million by 2030 when countries throughout the world abandon the euro and the US dollar.

Arthur Hayes, the former CEO of crypto derivatives company BitMEX, doubled down on his sky-high price estimate for Bitcoin and gold in his most recent blog post, published on April 27.

Explanation of $1 million prices of bitcoin

Bitcoin, gold, and commodities are all good alternatives, but not fiat currency.

In light of the sanctions imposed on Russia for its invasion of Ukraine, Hayes predicts a major shift in geopolitical and economic strategy.

The long-term ramifications of the US and European Union’s effort to lessen reliance on Russian energy and food are almost certain to harm them — and rocket Bitcoin to the moon. The problem is intricate.

Western sanctions are increasing inflation, which was already at 40-year highs before the Ukraine conflict, while Russia is hurting from the freezing of hundreds of billions of dollars in offshore assets.

Meanwhile, China is keeping a watch on the situation in order to guard against a copycat attack on its assets.

China has been in a virtuous circle since the end of the 1990s, selling low-cost commodities to the West in exchange for its fiat money, which is then given back to importers in exchange for government debt.

As a result, loan rates remain low, and China’s goods become even cheaper.

Supply chain disruption, inflation, and the threat of asset confiscation are all upsetting the status quo.

Rather than modifying its production approach, Hayes believes China would need to find a means to mitigate the risk of worst-case outcomes.

“Storage goods, gold, and Bitcoin,” according to Hayes, are potential escape routes for Beijing. While such a scenario would be at the extremities of the spectrum, there is a non-zero potential that China will reverse its attitude toward Bitcoin mining.

Is it possible?- YES

The “Doom Loop” will generate $1 million in Bitcoin and $20,000 in gold. The post’s prediction for the future of Western democracies, particularly the European Union, is more remarkable.

Incapable of self-sufficiency, Hayes says, shutting out Russia will fuel an uncontrollable fire that will lead to the European project’s dissolution. Exporters like Germany will be unable to compete with China, while high inflation will increase tensions between the EU’s north and south.

“The ECB is cornered, the EU is done, and we will be trading Lira, Drachmas, and Deutschmarks again within the decade,” he predicts.

$1,000,000 for a single Bitcoin will also emerge as a tool to prevent bankruptcy as a result of the “doom loop” in Western financial policy, particularly yield curve control (YCC).

By the end of the decade, gold, the darling of the store-of-value narrative, will have risen to $20,000 per ounce.

Finally, Hayes delivered a call to Bitcoiners, warning that the network’s survival depends on participation.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing