Arthur Hayes, the co-founder of BitMEX, thinks Bitcoin (BTC) is poised for a massive price surge. He believes a weakening Chinese Yuan, driven by the country’s central bank printing money, could trigger a wave of investment into Bitcoin as a safe haven. This, he argues, is similar to what happened in 2013 and 2015.
China’s Yuan and Bitcoin’s Rise
Hayes, who boasts a large following on X (formerly Twitter), predicts that a devaluation of the Chinese Yuan will lead to Chinese investors seeking refuge in Bitcoin. He emphasizes the importance of paying attention to this potential scenario.
Bitcoin’s Dominance Over Altcoins
Hayes is currently focusing his investments on Bitcoin, believing it will outperform other cryptocurrencies (altcoins) in the short term. He expects Bitcoin’s dominance in the market to increase, potentially reaching 70%. He’s not interested in investing in “shitcoins” at the moment.
Future Outlook: Bitcoin and Altcoins
While bullish on Bitcoin, Hayes anticipates that once Bitcoin surpasses $100,000, other cryptocurrencies, particularly riskier ones, will likely start to perform better. He specifically mentions Ethereum (ETH) potentially outperforming Solana (SOL) in the future.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at around $76,533, down slightly.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in any cryptocurrency.
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