Tuesday, June 25, 2019

Arthur Hayes Predicts New Bitcoin Price Target From $50,000 Mark

Arthur Hayes – the CEO of popular crypto exchange BitMEX – has made yet another bold statement on Bitcoin. Hayes is known for his positive views on Bitcoin’s price; and now, he  has predicted that the price of Bitcoin would surge to $50,000 in two-to-five years, starting at $10,000 by the end of 2019.

Bitcoin to Reach $10,000 In 2019

Hayes said that by the time the year 2019 comes to a close, the price of Bitcoin would be sitting pretty at $10,000, a statement that simply echoes his prediction in a blog post last month. “The 2019 chop will be intense, but the markets will claw back to $10,000,” Hayes stated.

”That is a very significant psychological barrier. […] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”

Hayes, who seemed to be on a prediction roll, also said that the crypto community should expect the price of Bitcoin to hit $50,000 in 2-5 years, explaining that a sudden high demand for financial privacy will result in mass adoption which will raise the price of the most popular cryptocurrency to such an amount.

How Authentic Is The Prediction?

This is not Hayes’ first time of making such a prediction. He made a similar prediction in July 2018, but at the time, he said the $50,000 mark would be achieved by the end of 2018. Anyway, as we all can testify, that turned out to be wrong. Hence the reason why he reduced the amount to $10,000 for 2019.

If the prediction of 2018 is to be taken into consideration, then one shouldn’t put much confidence in this new prediction. Even Hayes doesn’t seem entirely sure as he suggested that there might be a possible revisit of the $2,000 to $3,000 price of Bitcoin, from its current price, before the eventual $10,000 arrives by the end of 2019.

Why Would The $50,000 Prediction Take 2-5 Years?

Hayes paints a future that best explains his prediction. He predicted that in the next five years, financial privacy would become a shadow of its present state due to the ban placed on cash by world governments. Also, mobile payments will gain more ground in the financial sector which will further push cash towards irrelevance and at the same time give more power to centralized parties and the government over consumers. At this point, people will clamour for a Bitcoin revolution, Hayes explained.

“That’s where I really see the value proposition for bitcoin finally clicking in everyone’s head.” He added.

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