Benzinga - Arthur Hayes, the co-founder of BitMEX, shared his predictions for the future price of Bitcoin (CRYPTO: BTC). Hayes believes that Bitcoin will surge to a price range of $750,000 to $1 million by 2026.
What Happened: In a YouTube interview on Impact Theory with Tom Bilyeu, Hayes expressed his agreement with the possibility of a major financial crisis, potentially worse than the Great Depression, occurring before the end of the decade.
"I absolutely agree that there is going to be a major financial crisis, probably as bad or worse than the great depression, sometime near the end of the decade, before we get there we're gonna have, I think, the largest bull market in stocks, real estate, crypto, art, you name it, that we've ever seen since WW2."
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Why It Matters: Despite the apparent gloomy outlook on the global and U.S. economy, Hayes remains optimistic about the performance of Bitcoin. He has set a target range of $750,000 to $1 million for the cryptocurrency’s price by the end of 2026.
Hayes believes that the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, Europe, and possibly Hong Kong, alongside the Bitcoin halving event, could propel the price to a new all-time high of $70,000 in June or July of 2024.
According to Hayes, once Bitcoin recovers its previous peak by the end of 2024. The "real fun starts and the real bull market starts and Bitcoin enters the $750,000 to $1 million on the upside."
Last week, Hayes underscored the transformative potential of artificial intelligence (AI) commercialization and the unparalleled money printing by the Federal Reserve.
Price Action: At the time of writing, BTC was trading at $27,136, down $1.68 in the last 24 hours, according to Benzinga Pro.
Photo by AlyoshinE on Shutterstock
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