Prepare for Brutal Bitcoin Low and All-Time High in 2019, Says BitMEX CEO Arthur Hayes
BitMEX CEO Arthur Hayes says Bitcoin may trade in a wide range next year.
The cryptocurrency exchange’s co-founder tells Cointelegraph Japan he thinks Bitcoin may sink as low as $3,000 and rise as high as $20,000 in 2020 – depending on BTC miners and the performance of fiat.
According to Hayes, BTC could return to its all-time high if inflation rates rise and Bitcoin’s status as a store of value is maintained.
Alternatively, Hayes says the bottom of the potential Bitcoin price range next year is the break-even point for miners. If the currency “returns to bearish territory,” it could see lows of $3,000, he argues.
Hayes also says he thinks Facebook’s Libra is a positive development for BTC in the long run, saying the upcoming stablecoin “may become a gateway to real cryptocurrencies like Bitcoin.”
It’s not the first time Hayes has predicted a high of $20,000. In September, the CEO said Bitcoin would be “two-steppin’ straight to $20K.”
— Arthur Hayes (@CryptoHayes) September 3, 2019
In September, Hayes said that in the long run, he believes cash will disappear altogether, leading to a new digital age for money that gives Bitcoin the potential to reach $50,000 and beyond.