Arthur Hayes, co-creator of BitMEX and Chief Investment Officer (CIO) of the Maelstrom family office, shared bold predictions for Bitcoin and Ethereum prices following his recent trip to Rapa Nui, also known as Easter Island. Here are the details…
Hayes commented on Bitcoin and altcoin
Hayes claimed that he took a cue from his “ancestors on Rapa Nui” during his visit, stating that the bull market is currently underway. Whether it was a serious prediction or a tongue-in-cheek post, Hayes claimed that Bitcoin would reach $1 million while Ethereum could rise to $100,000. Hayes, known for his optimism about the future of Bitcoin, had previously expressed his expectations that the leading cryptocurrency would reach the $1 million mark. He recently shared an ETH/USD chart from BitMEX, highlighting Ethereum’s short-term rise above $2,100 and drawing attention to its upward momentum.
Separately, Bitcoin experienced a significant increase on Thursday, November 9, briefly surpassing $37,000 and reaching almost $38,000. This surge, a 5.69% growth in less than a day, led Bloomberg analysts to expect the U.S. Securities and Exchange Commission (SEC) to sell 12 Bitcoins, including those from BlackRock and Grayscale, over a 12-day period as of Thursday. It was attributed to speculation that it would potentially approve its spot ETF.
4,700 percent increase expectation
Bloomberg analyst James Seyffart added to the positive sentiment in the market by stating that there is a 90% chance that the SEC will approve the first BTC ETF by early January. Ethereum followed Bitcoin’s lead, reaching a high of $2,133 before both leading cryptocurrencies lost slight momentum. Currently, Bitcoin is trading at $36,943 and Ethereum at $2,071. In a recent blog post, Hayes doubled down on his bullish bets, stating that the time to be bullish on crypto is now. He set a target of $100,000 for Ethereum, which represents a significant increase of approximately 4,669% from the current level. Hayes reiterated his belief that Bitcoin will eventually reach $1 million.
Hayes emphasized the importance of staying long in crypto as global currencies continue to lose value. According to him, Bitcoin and Ethereum are “reserve assets of crypto,” while he described other cryptocurrencies as “shitcoins.” Although he touted opportunities for higher returns in the crypto space, he warned investors about the risks associated with certain projects. As the crypto market continues to evolve, Hayes remains optimistic about the potential for significant gains and urges investors to carefully navigate the environment for the most rewarding opportunities.
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