Billionaire Bets Bitcoin Will Reach $1 Million and Recommends Two Other Cryptocurrencies

Arthur Hayes, founder and former CEO of BitMex, once again stated that Bitcoin will reach the $1 million mark. His comments come after the Fed this Wednesday (13) kept interest rates between 5.25 and 5.50%, but now Wall Street traders are betting high that rate cuts will begin in 2024.

Although not mentioned, the market is also awaiting the SEC’s decision on spot Bitcoin ETFs in the US, with deadlines for several applications set for January. The halving, which will take place in mid-April, is another event that could boost BTC.

Although he is a big fan of Bitcoin, Hayes also invests in other assets. This week, the billionaire named two cryptocurrencies in which he is positioned.

Arthur Hayes Comments on Market Sentiment on US Monetary Policy, Believing Bitcoin Will Reach $1 Million Dollars

With stints at Deutsche Bank and Citi before founding BitMex, Arthur Hayes is one of the most respected people in the cryptocurrency industry. In his theses, the billionaire always argues that the price of Bitcoin is related to the easy monetary policy of central banks, especially in the US.

In April this year, Hayes declared that Bitcoin would reach a value of $1 million, citing that “the money printer is going to make noise.” This Wednesday (14), the founder of BitMex maintained his prediction while commenting on the Fed’s actions.

“Right now there is no excuse not to have long cryptocurrencies. How many times will they have to tell you that the money you have in your pocket is a dirty piece of garbage? Believe in the Lord and He will set you free. BTC = $1 million.”

The screenshot shared by Hayes shows a Bloomberg story with the title “Wall Street traders are betting everything on the big monetary turn in 2024”. In other words, the optimistic feeling is everywhere.

As a highlight, stocks, bonds and currencies rose after last Wednesday’s Fed meeting (14). However, Bitcoin did not follow the rise of these markets. The reason could be related to the 155% increase in 2023, which needs a breather before the rally continues.

Arthur Hayes also has confidence in Ethereum (ETH) and Solana (SOL)

In addition to Bitcoin, Arthur Hayes is also interested in Ethereum, the second largest cryptocurrency on the market, and Solana, a direct competitor of ETH that stood out for its gains in 2023.

Regarding Solana, Hayes stated that the cryptocurrency could reach $100. At the time of writing, the SOL is around $75, but the billionaire has had it in his sights since December last year, when it was priced at $10. In other words, he benefited from a 650% increase.

As for Ethereum, the billionaire claimed that he staked his coins and earned dividends by leaving them captive to the network. In 2022, he claimed that ETH would cross $10,000 after The Merge update, but he was ultimately wrong. Today, ETH trades for just $2,240.

Finally, another theory from Hayes is that shitcoins will see a big rally after Bitcoin stabilizes. Although they are riskier positions, your bets can therefore yield good returns.

Source: Live Coins