Ex-BitMEX CEO explains how Bitcoin will hit $1 million by 2030
Bitcoin (BTC) will cost $1 million by 2030, one of the industry's best-known pundits insists, as countries worldwide shun the euro and U.S. dollar.
In his latest blog post published April 27, Arthur Hayes, former CEO of crypto derivatives giant BitMEX, doubled down on his sky-high price prediction for Bitcoin and gold.
In light of sanctions on Russia over its invasion of Ukraine, a giant pivot in both geopolitical and economic policy is coming, Hayes says.
As the U.S. and European Union battle to reduce dependency on Russian energy and food, the long-term repercussions are all but certain to hurt them — and send Bitcoin to the moon.
The situation is complex. Inflation, already at 40-year highs before the Ukraine conflict, is being exacerbated by Western sanctions, while Russia is reeling from the West freezing hundred of billions of dollars' worth of its offshore assets.
China, meanwhile, is eyeing the situation with a view to protecting itself from a copycat move targeting its assets.
Since the end of the 1990s, a virtuous circle has seen China sell cheap goods to the West in return for its fiat currency, which is then sent back to importers in return for government debt. This keeps interest rates low and China's goods become even cheaper as a result.
Disruption to supply chains, inflation and now the risk of asset confiscation is now changing the status quo. Rather than switch its production model, however, Hayes believes that China will need to find a way to reduce its exposure to worst-case scenarios.
"It is impossible for China to sell trillions of USD and EUR worth of assets without destroying the global financial system. That hurts both the West and China equally and bigly," he wrote.
Hayes identified "storable
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