Bitcoin’s $1M Price Still in Play

According to the former CEO of exchange BitMEX, Arthur Hayes, Bitcoin and cryptocurrency investors will have a great opportunity to buy the dip in the coming months. In his blog post titled “Left Curve,” Hayes predicts that the crypto bull market will continue. He believes that governments worldwide will continue to print money to manage debt burdens, leading to the devaluation of fiat currencies against Bitcoin and altcoins. Hayes states that Bitcoin is the hardest money ever created and advises readers not to sell their crypto for fiat unless they need it for immediate living expenses.

Hayes has a history of predicting the collapse of fiat-based economies, including the US. He explains that in an election year, there is even more pressure to expand the money supply as politicians’ popularity relies on the state of the economy. Hayes concludes that regardless of who wins the US Presidential election, the printing of money will accelerate. This, coupled with fiat devaluation, is expected to ignite a bullish crypto market, and Hayes advises traders to be prepared by buying the dip.

Bitcoin has already gained attention as a hedge against fiat inflation. The strong US dollar has been negatively impacting emerging market currencies, leading to increased interest in Bitcoin. Cathie Wood, CEO of ARK Invest, sees Bitcoin as a hedge against fiscal and monetary policies and a flight to safety. She believes it can protect against devaluation and loss of purchasing power.

Hayes does not provide an updated price target for Bitcoin but suggests that the path from $70,000 to $1 million may not be as difficult as its previous rise from zero. He acknowledges that the macro setup that fueled Bitcoin’s ascent will become more pronounced as the sovereign debt bubble bursts. Hayes believes that investors will have a golden opportunity to add to their crypto positions in the coming months and that Bitcoin’s price has the potential to reach $1 million.