Bitcoin To Reach $1 Million, BitMEX Co-Founder Arthur Hayes Says

There are all kinds of optimistic predicitons about the price of Bitcoin these days, and there’s one bold one coming from BitMEX Co-Founder Arthur Hayes.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $41,804.

The CEO of crypto exchange platform BitMEX says that Bitcoin could reach one million dollars.

In a new article, Arthur Hayes says that he sees BTC being worth millions of dollars in the long run because governments around the world cannot stop devaluing their currencies by printing money.

“For a single Bitcoin, my unit is in the millions…”

He continued and said this:

“There is no government, ever, that resisted the temptation to print money in order to pay its bills and placate its citizens. The government will never voluntarily go bankrupt. This is axiomatic. I challenge you to contradict me with evidence.”

He also explained that commodities like gold and Bitcoin should see their prices rise not necessarily due to an actual increase in their value, but because the fiat currencies that are used to assess them are constantly being devalued.

“Therefore, if your time horizon is in the years, it’s time. If you mess with the bull, you get the horns. Remember: it’s not gold or Bitcoin that is increasing in price, it’s a decrease in value of the fiat currency in which they are priced.”

He also said that BTC has an advantage over other comparable commodities such as gold when it comes to ease of storage and mobility.

Earlier, we revealed that there are more triggers that could send the price of BTC to the moon.

The chief executive of a crypto-focused hedge fund thinks mass adoption could drive the price of Bitcoin (BTC) up to $400,000. This could happen in about three years according to what he had to say.