Former BitMEX Chief Executive Officer Arthur Hayes predicts that the Bitcoin price will reach $1 M by 2030 because of the non-efficiency of the US and European Union policies.
According to him, it was apparent after COVID 19 that the financial system has a number of disadvantages. Hayes wrote an article that mentions that the Federal Reserve prints more money to deal with the created economic situation.
He also noted that gold serves as a store of value. The BitMEX co-founder believes gold will hit $20,000 if the Western economies fail. On the other hand, the Russian-Ukrainian war and sanctions deepen the situation, he wrote.
Hayes finds that Bitcoin supporters should work on increasing the usage of the coin for daily transactions. Hayes noted that, unlike gold, Bitcoin must be used to have value. The currency needs to move which goes against the HODL culture.
Earlier, Hayes predicted that BTC and Ether will fall in June. He finds that by the end of the second quarter in June Bitcoin will fall to $30,000 and Ether to $2,500 along with the fall of the Nasdaq 100 index.