Former BitMEX CEO Arthur Hayes reiterated his wildly optimistic cravings on the bitcoin pricepredicting that the value of the largest cryptocurrency would eventually reach the staggering sum of a million dollars.
However, the infamous businessman who was convicted for laxity with anti-money laundering rules, one advised his followers to be patient. According to him, the rise of Bitcoin will take time to reach the million dollars and gives the horizon 2030 as a deadline.
He thinks the culture of HODL is what will allow Bitcoin to reach this milestone. This is because investors with a high degree of conviction will not sell their assets, as they believe that the price will rise in the future as well.
The euro-dollar parity would be favorable to Bitcoin!
Hayes says the Doom Loop has begun, citing the return of euro-dollar parity after 20 years. On July 14, EUR/USD fell slightly below $1 before rising. Since the beginning of the year, the value of the euro has fallen by almost 15%.
The European Central Bank (ECB) raised its rates by 50 basis points for the first time since 2011 due to high inflation.
However, the ECB could find it very difficult to raise the bar. The US dollar index hit its highest level since October 2002.