BitMEX Co-founder Optimistic of Bitcoin Reaching $1M Amid Bank Run

• After considerable anticipation, Bitcoin finally surpassed the $28,000 mark on Monday.
• Swap lines are merely another means to bail out non-US banks as per Hayes.

Trading markets saw a surge of comfort as a result of the last-minute actions made by global financial authorities to avoid the banking disaster. The largest digital currency, Bitcoin (BTC), witnessed a spike of 5% on Monday, allowing it to break the $28,000 barrier after a long time. BitMEX’s previous CEO, however, thinks Bitcoin will surpass $1 million due to the ongoing financial crisis and other factors.

BitMEX’s co-founder Arthur Hayes said that the global financial crisis may have been avoided if the U.S. Federal Reserve and other central banks hadn’t collaborated on a liquidity operation. 

Banking Crisis Fueling Bitcoin Run

Hayes said everything was over, and that this is what happens when people stop depositing dollars in banks. As a result of people taking money out of banks, authorities have been compelled to issue additional currency.

In addition, he questioned how the Fed could possibly raise rates while simultaneously giving away cash to its competitors. Hayes, though, is certain that the Bitcoin price will reach $1 million soon.

After considerable anticipation, Bitcoin finally surpassed the $28,000 mark on Monday. Moreover, the crypto market rallied as well. In light of the ongoing financial crisis, the price of Bitcoin has risen by a meteoric 25% over the previous week. BTC is now changing hands at an average price of $27,976. The market’s 24-hour trading volume recently hit $50 billion.

Swap lines are merely another means to bail out non-US banks, according to the founder of BitMEX Co. Hayes said that the Fed should not be considered to be bailing out international banks when many smaller American banks are in need of assistance.