BitMEX Founder Arthur Hayes said in his latest analysis that the price of Bitcoin could rise as much as 25x. The famous forecaster points to artificial intelligence (AI) technology as the catalyst for this rally.
Arthur Hayes says AI industry will ignite the next Bitcoin rally
In his market report on July 7, Hayes said that artificial intelligence (AI) will be the main trigger for the next crypto rally. According to Hayes, the AI industry will greatly support Bitcoin’s meteoric rise over the next 10 years. cryptocoin.comAs you follow, he mentioned a bull market outlook originating from China in his previous analysis.
According to Hayes, artificial intelligence will naturally gravitate towards blockchain technology because of its inherent qualities, including transparency and strict rules that no single entity can change.
In part of his analysis, Hayes says that AI will eventually be based on Blockchain:
For an AI that is not human and does not understand intrinsically human ‘laws’, the risk of being removed from this platform is high and undesirable. AIs will need a digital payment system with clear and transparent rules that apply regardless of who is transacting on the network or what is being paid for. There cannot be a single entity that has the power to arbitrarily change the rules of the game at will.
An AI doesn’t have an army yet to force a payment system to submit to its will. The system must be censorship resistant from the start. A viable payment system can only be powered by a public or private blockchain. The rules of a Blockchain are contained in a clear and transparent code. Therefore, this and only this type of digital payment system can be used by artificial intelligence.”
‘The most sensible currency choice for artificial intelligence’
According to Hayes, AI needs a digital payment system that will likely be satisfied by Bitcoin. The BitMEX Founder said at this point, “Bitcoin is therefore the logical choice of currency for any AI. It’s all digital, censorship-proof, possibly scarce. Its real value depends entirely on the cost of electricity. “There is nothing to challenge Bitcoin in these respects today,” he says.
Hayes also says that artificial intelligence will accelerate economic growth in the coming years. It lays out a model that suggests that artificial intelligence could account for 5% to 50% of global GDP in the next decade.
Here is Hayes’ 25x Bitcoin prediction
Hayes finally predicted the level that the Bitcoin price will reach in the light of all these analyzes. If the AI economy relies on Bitcoin as its core payment system, BTC will rise to $760,591 according to Hayes. Arthur Hayes’ last words here are:
Remember – if the market believes that my assumptions are likely to be correct in the future, it will pay extra for the growth of the Bitcoin network. Most money is earned when the market price is set from ‘never can’ to ‘maybe’.
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