The former BitMEX CEO Arthur Hayes believes Bitcoin moment has arrived, citing political and economic factors that could propel the digital currency to unprecedented heights. In a recent interview, the former BitMEX CEO shared his insights on the crypto landscape and its intersection with traditional finance.
As per the interview, Hayes began his career on a Deutsche Bank trading floor in Hong Kong during the collapse of Lehman Brothers in 2008. He has observed firsthand the evolution of both traditional finance and the crypto industry. Despite the growing presence of finance giants like BlackRock and Fidelity in the crypto space, Hayes asserts that the industry continues to uphold its revolutionary essence.
On the upcoming U.S. election, Hayes played down the importance of the winning party. He suggests that both major political factions are likely to perpetuate inflationary measures. He noted that whether it’s the Trump or Harris administration, the approach to monetary policy differs. But the outcome remains the same – money printing. This would eventually favor the cryptocurrency market.
Opinion on SEC Chair and Bitcoin regulation
Regarding SEC Chair Gary Gensler, he said that Gensler is not the root issue but a reflection of broader regulatory challenges. According to Hayes, both Gensler and the SEC are not, in themselves, problematic. He highlights the necessity for a comprehensive regulatory framework for cryptocurrencies.
Additionally, on the entry of traditional finance firms into crypto, Hayes cautioned that products offered by companies like BlackRock are derivatives, not actual cryptocurrencies. He explained:
If you own a BlackRock product, you own a derivative of crypto, you don’t own crypto — BlackRock owns your crypto. And so the BlackRock product is a sexy product for people because it’s easy, but it also isn’t crypto.
Looking ahead, Hayes foresaw a significant upsurge in Bitcoin’s value, projecting a remarkable climb in the upcoming period. He anticipated a substantial increase, possibly reaching hundreds of thousands of dollars or even hitting the $1 million mark. This projection was grounded in anticipation of global monetary dynamics and the influence of mounting debt pressures on the cryptocurrency’s trajectory.
