BitMEX Co-Founder Arthur Hayes Sees Bitcoin Price Hit $1 Million on Bank Bailouts

BitMEX co-founder and former CEO Arthur Hayes earlier posted on X a scenario where he sees Bitcoin price touching $1 million.

Hayes tweeted that Federal Reserve Chairman Jerome Powell is saying US banks are strong to very strong, but NYCB (New York Community Bancorp) says otherwise.

Who is right, the market or the central banker? Hayes questioned.

BitMEX co-founder and Bitcoin bull then predicted that the bailout is coming and the price of the leading cryptocurrency by market cap may equal to $1 million.

Resume the dump!

JAYPOW says US econ & banks strong to very strong.$NYCB says otherwise. Who is right the market or the central banker?

Time and compounding interest are two things even Neo-Keynesians can't wish away.

The bailout is coming, $BTC = $1mm

Yachtzee 😘😘😘 pic.twitter.com/yWLqly72jY

— Arthur Hayes (@CryptoHayes) February 5, 2024

As per Arthur’s evaluation, US banks will once again need a massive bailout and federal reserve and treasury will infuse huge monetary supply into the market, driving Bitcoin’s price higher.

Hayes Expects 20-30% Correction by Late March

As reported earlier in January, Hayes predicted a massive correction in Bitcoin’s price, anticipating a decline ranging from 20% to 30% by early March.

Hayes outlined his viewpoint in a detailed post, warning traders amidst the ongoing crypto bull market. Hayes anticipates a potential harsh correction in March, preparing for what he terms a “vicious washout” affecting crypto investors who may be considered “tourists” in the market. Arthur Hayes wrote:

“I expect Bitcoin to experience a healthy 20% to 30% correction from whatever level it has attained by early March. The washout could be even more severe if the slate of US-listed spot Bitcoin ETFs has already commenced trading.”