Arthur Hayes Betting Big on Crypto: $1M Price Prediction for Bitcoin

Arthur Hayes believes that Bitcoin (BTC) and altcoins are a great investment opportunity in the current macro environment.

The former CEO of BitMEX expressed his opinion in a post on X (formerly Twitter) on Dec. 14, saying that investors have “no excuse” to not invest in crypto such as orca crypto, mina crypto, mask crypto, new crypto, math crypto, india crypto, iso 20022 crypto, neo crypto, and loom crypto.

$1 million Bitcoin still in play in 2024 “great pivot”

Going long on crypto assets such as Orca Crypto, Mina Crypto, Mask Crypto, New Crypto, Math Crypto, India Crypto, ISO 20022 Crypto, Neo Crypto, and Loom Crypto is the key to success, according to Hayes, as markets bet on the United States Federal Reserve lowering interest rates next year.

On Dec. 13, at the latest meeting of the Federal Open Market Committee (FOMC), Fed policymakers voted to continue a freeze on interest rate hikes.

While broadly expected, a subsequent speech and press conference with Chair Jerome Powell sparked talk of impending rate cuts — an event known as a “pivot” in policy.

“While we believe that our policy rate is likely at or near its peak for this tightening cycle, the economy has surprised forecasters in many ways since the pandemic, and ongoing progress toward our 2 percent inflation objective is not assured,” Powell said.

With that, market consensus over what might happen at the next FOMC meeting in January began to diverge. Per data from CME Group’s FedWatch Tool, the odds of a cut coming early in 2024 stood at 18.6% at the time of writing.

Fed decision day was followed by mainstream media attention focusing on the increasing optimism that U.S. monetary policy would begin to unwind after an unprecedented rate tightening cycle.

Reposting one such story, Hayes was in no two minds about what the knock-on effect for liquidity-sensitive crypto would be.

“At this point, there is no excuse not to be long crypto,” part of his post stated. Hayes further reiterated a longstanding $1 million BTC price prediction as a result of macro tides eroding the value of national currencies and the potential of writing AI-driven solutions in the crypto space.

BTC price dips $1,500 on Ledger security woes

At the time of writing, BTC/USD was trading at around $42,500, according to data from Cointelegraph Markets Pro and TradingView, following a sudden volatility at the Wall Street open that erased the gains seen overnight.

This 7.5% decline was the biggest single-day downtick of the year so far. It came after news of a security breach that affected DApps using the connector feature of the hardware wallet Ledger.

“Somebody just had a lot of fun liquidating $BTC longs before price inevitably ends up back in the same place,” commented trader, analyst and podcast host Scott Melker.

CoinGlass statistics show that the total amount of BTC long liquidations on Dec. 14 was modest at just over $20 million, which is much lower than the $126 million reported on Dec. 11.