Arthur Hayes explains BTC can reach $1 million in 8 years and he is bullish on Bitcoin and detailed how the leading crypto can trade this price in eight years so let’s read more in today’s latest Bitcoin news.
Arthur Hayes explains how BTC can reach $1 million in eight years, predicting in fact that we can see the “miracle in the next decade.” in a blog post on Wednesday, Hayes gave a breakdown of how the leading crypto can reach $1 million in eight years which is a value 2500% higher than the current price. Hayes described the phenomenon “The Doom Loop” which represents three things countries worldwide do to finance their deficit and is selling debt to domestic entities, selling debt to foreigners and the central bank printing money.
He noted that the current geopolitical tensions are further surpassing the high inflation rates but the inflation will reach the peak and central banks will have no other choice but will resort to yield curve protocol which is a tool employed to prevent bankruptcy which will be a tipping point for BTC:
“YCC is the end game. When it is finally implicitly or explicitly declared, it’s game over for the value of the USD vs. gold and more importantly Bitcoin. YCC is how we get to $1 million Bitcoin and $10,000 to $20,000 gold.”
Hayes opined that BTC’s exponential price growth over the past 10years resulted in the HODL culture and pointed out that the idea has become widespread among the BTC enthusiasts which HODLERs being determined not the sell their holdings at any price which prefer to spend fiat. The BitMEX co-founder noted that the hODL culture can hamper the network’s performance when the BTC blocks have been mined since the miners will no longer receive block rewards but rely on the transaction fees. If there’s no transaction because of the HODLers holding their BTC stash, the hash rate will drop to zero and render BTC worthless.
He urged all BTC supporters to take part in the network by conducting transactiosn and prevent the collapse of the network:
“We must agitate for self-interested flags to save part of their current account surplus in Bitcoin so that Bitcoin farm-to-table economies sprout around the globe. Again, unlike gold, Bitcoin must move — otherwise, the network will collapse.”
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