Arthur Hayesfounder of BitMex, believes Bitcoin will reach $70,000 later this year, breaking the 2021 price record. Speaking to Ran Neuner, of the Crypto Banter channel, Hayes also talked about the next big story in the cryptocurrency market.
On Bitcoin, Hayes still remains focused on the failure of US banks. According to his thesis, the Fed will have to print money to save them, causing the dollar to lose purchasing power.
“Definitely optimistic this year, I believe Bitcoin will reach its all-time high of $70,000 by the end of the year”Hayes began. “The banking system in the US is screwed up. All banks are bankrupt.”
“She [Fed] They don’t want to print money, but they also have to save the banking system.”
Other points the billionaire mentioned were real estate loans and interest rates. The video shows how much the shares of some of the largest US banks have already fallen in January. The biggest losses are for NY Community Bank, which bought bankrupt Signature last year.
“What is driving the market crazy now is what they tried to solve last year”said Hayes. “It’s a different problem, but we knew it was coming. We always knew commercial real estate was a problem, but the market just didn’t focus on it.”
“You had BNP’s hedge fund collapse in 2007, Bear Stearns in early 2008, then Lehman went bankrupt and they bailed out everyone else. Last time it was Silvergate, Silicon Valley Bank, Signature Bank, Credit Suisse, and they saved everyone else. What will it be this time? NY Community Bank is screwed, there is no way they will survive, but they will not be saved.”
“The question is: who’s next?”
US regional bank stocks one month through 2024:
1. NY Community Bank, $NYCB: -60%
2. Valley National Bank, $VLY: -25%
3. Metropolitan Bank, $MCB: -15%
4. HarborOne, $HOON: -14%
5. Comericabank, $CMA: -13%
6. Zion’s Bank, $ZION: -12%
7. Western Alliance, $WAL: -11%
8. Citizens…
— The Kobeissi Letter (@KobeissiLetter) February 6, 2024
Asked about Jerome Powell’s talks about cutting U.S. interest rates, Hayes said he didn’t care. In the past, the executive branch has stated that all scenarios are great for Bitcoin as the Fed is cornered.
‘Points’, the next story of the cryptocurrency market, according to Hayes
Arthur Hayes is not only a big fan of Bitcoin but also of other cryptocurrencies. One of the biggest examples was when he bought Solana (SOL) for just $10. Today the price is $104, an increase of almost 1,000%.
Now the billionaire believes the next big market story is “points.”
“Points are the new wave. Points will be “the thing” in this cycle. I love that. It’s so genius.”
Hayes explains what these ‘points’ are and explains that people earn points for using DeFi protocols and that these points are worthless but can entitle them to air droplets in the future.
“The brilliant thing is that it is a pseudo-promise. It’s not a contract that says, “I’ll do all these things, earn points and then I’ll get a certain amount of tokens and an airdrop,” it’s like, “maybe you’ll get something, maybe you won’t,” but keep doing what you want . am doing.”Hayes added.
Finally, Hayes also touched on liquid strike and re-strike, two other important current stories. As for “points”, last Friday the billionaire published a long post on this topic on his blog (9). His conversation on the Crypto Banter channel can be watched in full below.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
