Despite the recent dramatic days for cryptocurrencies, Arthur Hayes said the most famous digital currency will reach $50,000 by the end of the year.
Bitcoin’s price has been on a wild roller coaster with but “something that goes up to $20,000 in one year can have a correction,” Hayes, the co-founder and CEO of BitMEX, said. “We could definitely find a bottom in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Last week bitcoin, the largest cryptocurrency, fell below the $6,000 mark. Meanwhile, Ethereum, Litecoin, bitcoin cash and ripple are down for the year as well. Nevertheless, Hayes pointed out that bitcoin’s volatile nature is what makes it so attractive to investors.
“Now that we have more visibility, more people talking about bitcoin, the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten,” he said.Trade now