Bitcoin Has a Potential to Reach $50,000; BitMEX’s CEO Arthur Hayes Remains Bullish
BitMEX Co-founder Arthur Hayes stated on CNBC that he remains bullish and believes the price of Bitcoin will reach $50,000 by the end of this year despite the recent falling of cryptos.
Even though Bitcoin price has dropped since the beginning of the year, Arthur Hayes stated: “something that goes up to [around] $20,000 in one year can have a correction,” on “Fast Money” Friday.
“We could definitely find a bottom in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Bitcoin, the largest cryptocurrency by market cap, fell last week under the $6000 level but currently is trading at $6341.
Other popular coins such as Litecoin, Bitcoin cash, Ripple, Ethereum also had the same drop this year following bitcoin sell-off. However, Hayes said that Bitcoins volatile nature is what makes the coin so popular among investors.
He said. “Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten,” he said.