The CEO at BitMEX, Arthur Hayes, believes that bitcoin still has the potential for a $50,000 USD future by the end of this year.
In an interview with CNBC, Hayes said that he thinks the cryptocurrency will reach an all-time high by the end of 2018 and will manage to hit between $20,000 USD and $50,000 USD – despite the bad run it is having in the market at the moment.
Hayes explained his view, saying that since bitcoin is still a young innovation, and has maintained a volatile nature, it has the potential to go up and down from 50% to 200% on an annual basis. The major exchange’s CEO suggested that the crypto-market is one step away from gaining serious momentum – and it will be a move of regulation that will determine the increase.
Hayes stated in another CNBC interview in May of this year that a correction or decline in the cryptocurrency’s value within the market will not have a major impact on the revenue of BitMEX and because of this, is of no benefit for the CEO to exaggerate his opinion on Bitcoin or to inflate any expectations on the cryptocurrency market. At the time, Hayes stated:
“If it goes up, if it goes down, if you have Bill Gates calling it a fraud … Short it, I don’t care. If you think it’s going to be $1 million in a few months, great, buy it. I still don’t care. We just match trades”.
Bearing this in mind, one need not worry that the CEO is attempting to sell the success of bitcoin in order to achieve that of his exchange, and if his predictions are correct, it could spell an increase of massive proportions for cryptocurrencies in the next five months.
Bitcoin is currently down by -0.32% day-on-day, and, at press time, is trading for $6,392.91 USD.