Arthur Hayes, the former CEO of the cryptocurrency exchange BitMEX, predicted that Bitcoin (BTC) could explode in price in the third and fourth quarters of 2023.
Hayes said that he believes the US debt ceiling crisis could be a catalyst for a BTC price surge. He explained that the government will likely wait until the last moment to raise the debt ceiling, which could cause market volatility.
“Usually what happens is they delay, delay, delay,” Hayes said. “Then you know, they get to the date, the market starts tanking, and then they get religion and say, ‘Okay, yeah, sure, we’re just going to raise the debt ceiling.'”
Hayes also said that the issuance of fresh liquidity to fund the US government’s debt could also be a positive factor for Bitcoin. He said that the government will likely need to issue trillions of dollars of debt in the coming months, which could lead to inflation.
“You’re basically putting this powder keg together of a situation that’s going to be exploding in Q3 and Q4 this year,” Hayes said. “And I think ultimately it will be good for Bitcoin.”
Hayes’s prediction is based on his belief that Bitcoin is a hedge against inflation and financial instability. He has long been a vocal proponent of Bitcoin, and he has said that he believes it could reach $1 million per coin in the next few years.
Hayes’s prediction is just one of many that have been made about Bitcoin’s price in recent months. Some analysts believe that Bitcoin could reach $100,000 by the end of 2023, while others believe that it could even reach $1 million by the end of the decade.