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BitMEX CEO discusses predictions for Bitcoin

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  • BitMEX CEO, Arthur Hayes, has spoken about his predictions for Bitcoin and the global economy.
  • He noted that Bitcoin stands to benefit, especially if the US decides to digitize the dollar.
  • Hayes expects a massive Bitcoin rally to take place this year, which will bring the cryptocurrency back to its all-time high.

The CEO of BitMEX crypto exchange, Arthur Hayes, has made some predictions for Bitcoin (BTC) and the global economy. In a recent edition of his Crypto Trader Digest, Hayes said that the US government can print enough money to recover from the crisis caused by Coronavirus. But, due to the dropping demand for foreign goods and heavy hoarding of cash from American banks, he believes the US dollar will not flow to countries and business organizations that need it most. This will inevitably result in a massive fallout that will “destroy the global economy.”

He said:

The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like. 

The CEO noted that Bitcoin stands to benefit, especially if the US digitizes the dollar. 

All I know is the setup for Bitcoin, the hardest form of digital money, could not be better. All manners of trust have evaporated. In order to solve for demand and supply destruction, governments will embark on the greatest fiscal stimulus binge the world has ever seen. It will not be paid for by tax receipts, it can’t be because 30% of the population is out of a job, it will be paid for by the printing press.

The kicker is that, in order to hand money directly to the people, governments will have to digitize their currencies. That will educate the populace on digital money. Once they understand fiat digital money, they will seek out the hard version to avert the ravages of inflation. If you believed that Libra could educate the masses on the joys of digital currencies, just imagine when everyone on Basic spends their food stamps via a mobile app.

Though Hayes says he’s unsure about the timing of his predictions, he expects a massive Bitcoin rally to take place this year, which will bring the cryptocurrency back to its all-time high.

As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancient regime. My end of 2020 price target remains $20,000.

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