BitMex founder predicts Bitcoin will reach $1M

by in Cryptocurrency News

BitMex

Many representatives of the cryptosphere are positive about the long-term prospects for Bitcoin (BTC).

For example, Galaxy Digital CEO Mike Novogratz said last week that BTC would set a new record in the next three years. According to his forecasts, the bitcoin rate will reach $500,000.

BitMEX founder Arthur Hayes is taking a more aggressive approach. In his opinion, BTC will be traded in the region of $1 million.

He published an article in which he announced an increase in demand for both cryptocurrency and gold. The cost of a troy ounce of the precious metal will rise to $10,000. Along with this asset, bitcoin will also rise in price.

Trending: El Salvador bought an additional 80 BTC amid a drawdown in the course

Fiat currencies are losing their appeal among investors. The demand for alternative instruments is growing.

We are entering a phase that will result in the transfer of capital from fiat currencies to precious metals and BTC. Bitcoin in this regard even looks like a more convenient tool than gold. Metal needs to be transported and stored in special facilities, while cryptocurrency can be moved with minimal cost.

In the end, banks will abandon gold and begin to massively switch to BTC, and this process has already started, the founder of BitMEX emphasized.