Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The former CEO of BitMEX had predicted that Bitcoin could reach $1 million by 2030. He laid out some arguments behind his theory.
- Former BitMEX CEO doubles BTC prediction to USD $1 million.
- Un ” bucle fatal” in Western financial policy will boost the price of crypto.
- He’s not the only one who believes BTC will reach $1 million.
Despite the adverse market an area or arena, online or offline, in which commercial dealings are conducted. conditions, some seem to be still betting big on Bitcoin.
The former CEO of BitMEX Arthur Hayes, has made a bold bullish prediction for the flagship cryptocurrency, claiming that its price could eventually reach the lofty level of USD $1 million.
“ Prepárese para BTC a USD $1 millón “wrote Hayes in a tweet on Monday, referring to the broader macroeconomic picture of inflation a general increase in prices and fall in the purchasing value of money. and pointing to the fact that the euro and the US dollar are close refers to the closing price; similar to the same term used in stock trading. to reaching parity for the first time in 20 years. However, he said traders will need to be “ patience “since reaching the price quote could “ take some time “.
— Arthur Hayes (@CryptoHayes) July 11, 2022
Hayes bends his prediction
The businessman reiterated his bullish outlook, as his commentary echoed a blog entry in April. In that post, Hayes had provided a full breakdown of how the leading cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. would reach the record $1 million mark in eight years, a potential rise of more than 2,500% from its current price.
Titled “The Doom Loop” o “El bucle de la fatalidad “The post shared a pessimistic view for the future of the economies of the United States and especially the European Union due to the armed conflict between Russia and Ukraine and the food and gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. supply difficulties this has caused. In the face of this scenario, Hayes anticipates that there will be a shift in geopolitics and economics, which could disadvantage both China and Western democracies.
These ongoing geopolitical tensions further exacerbate already high rates of economic inflation. At some point, however, Hayes believes, central banks will have no choice but to resort to yield curve control (YCC), a strategy to avoid bankruptcy, which will ultimately be a turning point for Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
“ YCC is the end game “, the former CEO had written in his blog post. ” YCC is how we get to $1 million for Bitcoin.
According to Hayes, this so-calledbucle fatal in Western financial policy could also motivate savers to turn to “ hard assets like gold and Bitcoin” . This, combined with the growth of the “ HODL a type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets. The term first became famous due to a typo made in a Bitcoin forum, and the term is now commonly expanded to stand for “Hold On for Dear Life.” culture ” (maintain Bitcoin long-term belief in its future appreciation), could propel the flagship cryptocurrency to new price heights.
Bitcoin at USD $1 million? Others think so too
Hayes has made other bold price forecasts in the past. In March, the entrepreneur had already published another blog entry donde argumentaba cómo algunos factores macroeconómicos como la inflación y el aumento de interés por parte de los bancos centrales podía motivar un aumento en los precios de Bitcoin and gold. At that time he also predicted Bitcoin at USD $1 million.
More recently, amid the steep drop in cryptocurrency prices, the former CEO was forced to modify his speech a bit, stressing that before the meteoric rise there could be several falls. Hayes had predicted that Bitcoin could retreat below the $30,000 threshold for the second quarter due to the aggressive tightening policy of the U.S. Federal Reserve. He also said that the altcoins could fall by more than 90%.
El tweet Hayes’ latest, in which he affirms the beginning of his anticipated “bucle fatal“coincides with a slight price pullback for Bitcoin which is trading around $20,500 on Monday. The cryptocurrency market could face bearish pressures ahead of the release of the US June inflation report, which is expected this week.
Meanwhile, other reputable names in crypto-space, such as Cathie Wood, the Ark Invest, y Mike Novogratz, also have made the bold prediction of one million dollars to Bitcoin . A few days ago, billionaire and venture capitalist, Tim Draper, agreed somewhat with Hayes’ opinion when he said that people could the U.S. dollar and turn to the U.S. Bitcoin .
- Bitcoin more likely to reach USD $10k than $30k, according to investor survey
- Former BitMEX CEO Arthur Hayes says if Bitcoin dips below USD $20,000 “better get your prayer book out to Lord Satoshi”
- “Bitcoin price could fall further, but it won’t go as low as USD $13,000,” says Mike Novogratz
Article by Hannah Estefania Perez / DiarioBitcoin
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