Arthur Hayes, the co-founder and former CEO of leading crypto derivatives platform BitMEX, has predicted that Bitcoin’s price will reach the $1 million mark by the end of the current decade.
In a blog post published on Wednesday, Hayes gave a comprehensive breakdown of how the leading cryptocurrency would reach $1 million in eight years, a value that is 2,500% higher than its current price.
The Doom Loop
Hayes described a phenomenon he calls “The Doom Loop,” which represents three things countries across the globe do to finance their deficit – selling debt to domestic entities, selling debt to foreigners, and the central bank printing money.
He noted that ongoing geopolitical tensions are further exacerbating the already high inflation rates. At some point, however, inflation will reach its peak, and central banks will have no other choice but to resort to yield curve control (YCC), a tool employed to prevent bankruptcy. This, according to Hayes, will be the tipping point for B
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