Arthur Hayes, the former head of BitMEX, has stated his belief that Bitcoin will gain strength due to the capital reallocation out of the US dollar.
He believes the era of Artificial Intelligence will fuel an increased demand for a tool which represents the digital industry, with the potential for BTC to soar as high as $760,000.
At the Korea Blockchain Week conference, Hayes reiterated his forecast and noted that the Federal Reserve had put the groundwork for the return of the bull market starting back in March.
He feels that the effects of the US regulatory body will be visible within the next 6-12 months, citing the Federal Reserve’s Term Financing Program (BTFP) as an example of their efforts to stimulate the economy.
Hayes thinks that even if the Fed rises interest rates, it won’t be enough to halt the BTC rally and we will reap the full benefits in 2024.
He concluded his remarks confidently, noting that “It doesn’t matter whether the Fed raises or lowers rates, we are in an advantageous position in both scenarios, as is the entire digital currency industry.”