Thursday, June 1, 2023

Bitcoin Might Reach $1M by 2030


According to Arthur Hayes, yield curve management will cause a “doom loop” for the US.

An industry analyst predicts that Bitcoin (BTC) will cost $1 million by 2030 as countries worldwide abandon the euro and the US dollar.

In a blog post published on April 27, former BitMEX CEO Arthur Hayes predicted that Bitcoin and gold prices will skyrocket.

Bitcoin or Gold, Just Not Fiat

Hayes sees a shift in geopolitical and economic policy as a result of Russia’s actions in Ukraine.

The US and EU will suffer long-term costs as they try to reduce their dependency on Russian energy and food, propelling Bitcoin to unprecedented heights.

It’s a tricky situation. As a result of Western sanctions and the freezing of hundreds of billions of dollars in Russian offshore assets, inflation has risen to 40-year highs.

Meanwhile, China is closely monitoring the situation to avoid a repeat attack on its assets.

After selling inexpensive commodities to the West in the late 1990s, China returned the fiat money to importers in exchange for government debt. This has continued since. This low interest rate policy makes China’s commodities even more inexpensive.

Supply chain interruptions, inflation, and now asset seizure have changed the status quo. Rather than changing its industrial mindset, Hayes believes China must find a way to reduce its exposure to worst-case scenarios.

No way China could sell trillion-dollar-assets without causing global financial disaster. That’s bad for both sides, he added.

Hayes listed storable commodities, gold, and Bitcoin as viable exits from Beijing. Even in such a dire situation, China may change its mind on issues like Bitcoin mining.

Doom Loop will Produce $1M Bitcoin and $20K Gold

The post’s prediction for the future of Western democracy and the European Union in particular is intriguing.

According to Hayes, the EU will disintegrate because expulsion of Russia is unsustainable.

German exporters would be unable to compete with Chinese goods, and increasing EU inflation will worsen existing tensions.

As long as the ECB remains stuck, the EU will be over in ten years, he predicts.

One million dollars for one YCC, the “doom cycle” in Western financial policy, will also lead to the rise of Bitcoin.

Gold, the darling of the store of value narrative, will hit $20,000 per ounce by the end of the decade.

He finished by urging Bitcoiners to actively participate in the network’s existence.

The Doom Loop will bring in $1 million in Bitcoin and $10,000-$20,000 in gold by 2020. Affirmative flags must be raised for Bitcoin farm-to-table enterprises to flourish globally. Unlike gold, Bitcoin must move to keep the network going, the author concludes.

To put it simply, Hayes has a history of making outrageous price predictions, including one in March that Bitcoin will hit $1 million.

Macro analyst Alex Krüger responded to Krüger’s criticism by calling for a review of his beliefs.

He alleged in a tweet that Hayes makes up facts and exaggerates things to make his fat tail narratives seem certain. Many readers will be scarred, he says.

This new Fed dovishness has triggered a market bull. YCC is a possibility, he replied.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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