Arthur Hayes Predicts Bitcoin Price Could Reach $1 Million in the Next 2-3 Years
- BitMEX co-founder Arthur Hayes believes that Bitcoin could be worth $1 million in two-three years.
- He believes the US Federal Reserve’s new Bank Term Funding Program (BTFP) will help boost crypto prices.
- Hayes stated that safe havens like Bitcoin, gold, and real estate will remain unaffected if the Federal Reserve’s money printer takes down the financial system.
What is BTFP?
The US Federal Reserve’s Bank Term Funding Program (BTFP) is an emergency credit initiative to extend loans to banking and other eligible depository institutions. It accepts U.S. Treasuries, mortgage-backed securities, and more as collateral. This lending facility was created due to multiple banking failures over the past few days. Major banks including JPMorgan Chase, Wells Fargo, and Bank of America have already received more than $210 billion in bailouts through BTFP.
Arthur Hayes‘ Take on the Recent Development In Banking System of The United States
Speaking to Bankless‘ Hoffman during a podcast episode, Arthur Hayes shared his take on how the new BTFP would affect inflation and the broader economy. He believes that it endangers traditional finance systems such as fiat currencies, stocks, and bonds. However, he also states that „outside money“ such as gold, real estate and Bitcoin [BTC] will remain unaffected even if the Federal Reserve’s money printer takes down with it other financial systems.
Bitcoin Can Be Worth $1 Million In 2-3 Years: Arthur Hayes
According to Hayes’s prediction about BTC reaching a million dollar valuation in two or three years comes from his belief that infinite supply of fiat currency would result in significant appreciation for Bitcoin’s price. While former Coinbase CTO Balaji Srinivasan predicted a million dollar valuation for Bitcoin within 90 days earlier this week – Arthur Hayes predicts it could take longer – up to two or three years – before it reaches this mark while also suggesting that it will happen within this current cycle which has been predicted to last up until then.
Conclusion
In conclusion Arthur Hayes believes that outside money like gold, real estate and most importantly Bitcoin [BTC], will prevail if the US Federal Reserve’s money printer takes down traditional finance systems such as fiat currencies stocks and bonds due to its new Bank Term Funding Program (BTFP). He predicts BTC could reach a million dollar valuation within two or three years thanks to an infinite supply of fiat currency leading to significant appreciation for Bitcoins price – although not quite as soon as former Coinbase CTO Balaji Srinivasan had suggested earlier this week when he predicted a million dollar valuation for BTC within 90 days