Co-founder and former CEO of BitMEX, Arthur Hayes, has released his prediction for bitcoin, stating that the bull run is already underway, but will become more evident within the next 6-12 months.
Summary
BitMEX: Arthur Hayes predicts bitcoin bull run will become more evident in the next 6-12 months
In a speech at Korea Blockchain Week, Arthur Hayes, co-founder and former CEO of BitMEX, spoke about his predictions regarding the bitcoin bull run.
Specifically, Hayes pointed to 10 March as the start of Bitcoin’s new bullish trend, as that was the day the FDIC took over Silicon Valley Bank while other major banks faltered.
In practice, the cryptocurrency exchange co-founder argues that the Fed’s emergency lending programmes to stabilise banks revealed structural flaws, prompting investors to consider cryptos.
Although the crypto and bitcoin markets don’t appear to have shown any particular bullishness from March 2023 until now, Hayes predicts that this will become more apparent in the next 6-12 months.
Here are his words:
“In both scenarios, whether the Fed raises or cuts, we are in a good position as the cryptocurrency industry.”
Hayes says he is optimistic about Bitcoin’s bull run regardless of whether central banks tighten or decide to ease monetary policy in the future.
BitMEX: Bitcoin’s bull run will happen because of vulnerabilities in the banking system
In a speech by BitMEX’s Hayes, it is revealed that Bitcoin’s bull run will happen precisely as a response to the instability and vulnerability of the banking system.
Hayes’ words regarding the price of BTC are not entirely unfounded. Looking at the crypto queen’s chart, Bitcoin has never fallen below its March 2023 price.
Specifically, on 1 March 2023, BTC was worth $23,150, while on 11 March it was worth as little as $20,187. Since then, however, Bitcoin has risen, only hitting a low of around $25,000 on 15 June and then rising from the second half of August 2023 to the present.
Not only that, but the highest Bitcoin has reached since March 2023 was $31,400 in mid-July 2023.
The bitcoin-anchored stablecoin proposal
Also in March 2023, Hayes proposed a new stablecoin based on bitcoin: the Satoshi Nakamoto Dollar, or NUSD.
In practice, the goal of this stablecoin would have been to eliminate banking services altogether, as stablecoins generally provide a fiat tokenisation service that not all banks are willing to offer.
With Satoshi Nakamoto Dollar, the co-founder of BitMEX had said that they would enter the field of decentralised stablecoins, which could destroy the trillions of dollars that the global banking system earns each year from transaction fees and foreign exchange transactions.
Hayes’ proposal was for NUSD to rely exclusively on derivatives exchanges that list liquid perpetual inverse swaps. In practice, NUSD would have been a stablecoin based on a combination of short positions in BTC and perpetual inverse swaps in USD.
At present, NUSD is not yet a reality.
