Arthur Hayes’ $1M Bitcoin prediction

Former BitMEX CEO Arthur Hayes restated his $1 million Bitcoin (BTC) price forecast recently. According to Hayes, the dominant digital currency will soon reach a price of $1 million.

Hayes is optimistic about Bitcoin, but he advised his more than 270,000 Twitter followers to be patient since “these things take time.” According to previous reports, Hayes provided a schedule of around eight years for this to occur. Therefore, he anticipates a BTC-million-dollar parity by 2030. In this case, Hayes’ BTC price forecast parallels that of notable crypto bull Cathie Wood of Ark Invest.

Since late 2021, when the cryptocurrency hit a record high of $69,000, Bitcoin has been on a downward trend. Since then, the price of BTC has lost nearly 60 percent of its value and may continue to decline in the near future.

Arthur Hayes, former CEO of the cryptocurrency exchange BitMEX, asserts that a “Doom Loop” has started in the macroeconomic sphere. Hayes released the daily Euro (EUR) chart relative to the U.S. dollar through Twitter.

For the first time in twenty years, the European currency gained parity with its North American equivalent. Similar to Bitcoin, the Euro has had a downward trend since 2021 and may prolong its losses.

Hayes recently projected that the price of Bitcoin will surpass $1 million by 2030, as published by U.Today. Due to the “HODL culture,” he thinks Bitcoin will be able to achieve this milestone. Users with a strong conviction will not sell their assets since they foresee a substantial price increase in the future.

Hayes argues that the “doom cycle” has started in his most recent tweet, citing the fact that the euro and the dollar are close to hitting parity for the first time in two decades. The second most commonly traded fiat currency on global foreign exchange markets fell as low as $1.0057 earlier today. The euro has lost almost 15% of its value since the beginning of the year.