Bitcoin Forum

BitMEX CEO Arthur Hayes says he believes Bitcoin is heading to a new all-time high. In an interview with Venture Coinist, Hayes says the new generation’s love for all things digital will fuel mass adoption of crypto.

    Interview - https://youtu.be/fQpQgaNyZEw

“Now that we’ve come to this time period where the baby booming generation and the older Gen Xers are entering the years when they are disposing of assets, their tastes and preferences are less relevant than the younger generation, Millennials, who are entering their prime asset earning years. And so what do we know about Millennials?

Some of them, on the younger end of the spectrum, are digital natives, mobile first. They’ve had a screen in their hand since they were a young child. They’re very comfortable using a service which has very little human interaction…

So, if you take this sort of change in how we deal with services, and we bring it to the financial services ecosystem, you can see that analogue ways of dealing with money and trading are not going to be successful in the next 10 to 20 years. It’s going to be mobile-first platforms. It’s going to be platforms that deal only on the internet.”

Hayes says a new round of money printing from governments around the world will boost Bitcoin by the end of the year, bringing BTC to $10,000.

“I think that we could easily be at $10,000 Bitcoin by year end, just because all central banks are now printing money again just like they were in 2016 and 2017. Now, whether we go down to $2,000 or $3,000 mark, I don’t really know. I don’t think it will be a quick, straight shot up to $10,000 or $20,000 because the first thing people are going to invest in with all their newfound free money is probably Lyft, Uber, Pinterest. All these major tech IPOs that are coming to market are going to soak up a lot of this liquidity. And once you get done with those things, and towards the end of the year, then people are going to look for the next thing.”

In the long run, Hayes says cash will disappear completely, removing the number one way people enjoy financial privacy. Without cash, Hayes envisions true mass adoption of cryptocurrency, giving Bitcoin the potential to reach $50,000 and beyond.

“I think China and India are going to be the first to really do it, but every other government – I don’t care if you’re in the West or the East – will ban cash in the next five years. And at that point, people are really going to discover what financial privacy really means. And it doesn’t mean holding a million US dollars in gold bars in your basement, because that’s really hard to move that around. You’re going to need some sort of digital cash.

And that’s where I see the value proposition of Bitcoin finally clicking in everyone’s head, when they realize, ‘Oh shit. I used to be able to take out a $10 bill and go buy a dime bag of weed. But I can’t do that anymore. There’s no more cash. I have to use this app’…

So all of a sudden, people are really going to think about ‘How do I get financial privacy?’ And at that point, crypto is going to take the next leg forward. Now whether that’s Bitcoin or something else, I have no idea. Bitcoin is probably the most widely known crypto, and it most likely will be the successor. In terms of a price target, I don’t know, say $50,000 in the next two to five years. But it could go materially higher if the world plays out the way I think it’s going to play out.”


Reference: https://dailyhodl.com/2019/04/12/arthur-hayes-predicts-bitcoin-rise-to-50000-and-the-end-of-cash-btc-xrp-ethereum-litecoin-forecast/

i honestly don't see why banks printing money has anything to do with bitcoin rising (maybe he things value of fiat is going to tank hard hence bitcoin against fiat should rise) but $10k by the end of the year is not unlikely. considering how in the past price rises occured the same way, i can see it rising to that level and be stuck at breaking that resistance.

This one:

"In the long run, Hayes says cash will disappear completely, removing the number one way people enjoy financial privacy. Without cash, Hayes envisions true mass adoption of cryptocurrency, giving Bitcoin the potential to reach $50,000 and beyond."

We all know that cash won't be obsolete so I disagree with this thoughts about this. But definitely bitcoin will be sort of an investment platform whether you're this and that generation. Although the market is fairly young, more and more people will realised that bitcoin is something that can give you sort of a hedge and leverage to the worsening global economics that we have right now.

I also have the same prediction with CEO of Bitmex but I never predicted to see the end of traditional money markets with the existence of cryptocurrencies. Bitcoin is heading to new highs and every yearly low is higher than previous yearly lows. Bull markets leave signs behind.

every government will ban cash in the next five years? that's a bit over the top, arthur. ::)


if people have disposable capital and they have several investment options including bitcoin, some people will choose bitcoin. contrary to the belief that bitcoin isn't affected by economic matters, it must be if treated like an investment asset.

so money printing is relevant because it creates lots of disposable investment money---including among prospective bitcoin investors, both retail and institutional. as bitcoin becomes increasingly mainstream and regulated as an investment, this dynamic will probably only intensify.

it wont never be the same for sure even reaching $8k on this year would already be hard yet we might tank on this price level of $5k for how
many months once again just like what happen when we are stuck on 4k price point.It did pump recently but doesnt mean these pumps would continue
for upcoming weeks or months.Too optimistic will somehow lead to frustration when targets didnt able to reach out.

The point on the Millennials is an old argument already used for several years, this person gives nothing new.
At the moment Bitcoin cannot be used at retailers, and Millennials do not need to make cross-border payments. That said, it is a valid argument, I do not deny it, but not at this time. This will certainly happen as soon as the shops accept it.

Anyone can say anything and that's about what you find in the cryptos market. Everyone makes predictions and changes them every 6 months. You just have to be a little known to be called an expert or someone important. Sometimes I'm surprised I didn't read an article saying they found Bitcoin mentioned in a Nostradamus's prophecy.

i don't think he's really thinking much about those two use cases. he's mainly talking about bitcoin as an investment asset (like stocks or gold). and i definitely see what he's talking about. apps like robinhood are transforming the way this generation approaches both banking and investment---completely app-based, no brick-and-mortar, and preferably no commissions. now we're seeing that spill over into square cash and beyond.

i guess bitcoin is conveniently a purely digital investment that quite matches well with this dynamic. robinhood, unsurprisingly, has rolled out a crypto investment platform alongside its stock platform, which is wildly popular with millennials.

Arthur Hayes has skin in the game for sure, but his price predictions should be taken with a truckload of salt. He doesn't even care that much about the price as long as there is enough volatility to keep people trading on Bitmex, and this is something he admitted last year.

If you think further, every exchange owner has been very bullish on Bitcoin and crypto in general, because their business needs a healthy crypto environment to exist. If this space turns into a pile of dust at one point, their income will be gone too, so how can they not be a perma bull? The same applies to mining hardware manufacturers.

As for the cash part; getting rid of cash isn't going to happen in such a short period of time, even if the goverments did everything in their power to wipe it out entirely. It will require a process of decades, and even then there will still be trillions worth of it circulating worldwide. But even if they manage to impose a total ban of cash, they also need to get rid of physical Gold, because it's just as decentralized, but slightly less convenient.

Ok, I see the different point of view but:
To be Millennial doesn't mean to have a tendency to invest in risky things. It's more the technology side of this generation and for this point yes I agree but still, it doesn't mean they'll change the habit from a saving account to an investment in a crazy market (I over-generalize)

It's actually extremely hilarious how these entities talk about the end of fiat and that crypto will take over, while crypto hasn't done anything to evolve into something that can handle all this use.

Bitcoin cripples the moment we're going through a bull run, and the same applies to Ethereum and directly the stablecoins that run on top of it. It's a shitshow. Both have to scale x1000 to actually become a potential fiat replacement.

What did Bitcoin achieve in the last years? Instead of gaining more currency use, it lost currency use because no one wants to spend anything knowing that the price can pump tomorrow. Speculation is all it is about right now.

Bitcoin being digital gold is what you don't need scalability for. It's something that it can be right now, and to some extent it already is, so let's focus on that instead of a global form of money that it can't be right now.

I don't really agree with the statement said that cash is going to be banned in 5 years, China's government hate bitcoin because its decentralised and India RBI is currently banning crypto, I don't think that countries going to be the crypto pioneer, but I do agree that people now are looking for alternative to stabilise and increasing their wealth and bitcoin could be the answer, its one of strong selling point of bitcoin, for the price we will eventually see bitcoin surpass 10k its just matter of time and the bitcoin growing is at a good path

I'm not sure about Arthur Hayes, but I don't think Bitcoin needs to (or will) replace fiat money. But the price definitely benefits from money printing, because of actual liquidity injected and also perceived devaluation risk from holding fiat. My impression is that Bitcoin investors may be willing to pay exorbitant prices and fees regardless of its scaling problems. I don't think the 2017 bubble crashed because of scaling problems. The hype just died.


Speculation based on the fact that it works. What Bitcoin does in terms of securing money is pretty amazing. I don't think we need cheap fees or Visa scale for people to recognize that.

Gold is clunky and useless but it continues to rise in value after thousands of years. So indeed maybe that should be the bar right now.

I saw that interview a few days ago. That interview actually makes him sound actually intellegent compared to most of the tweets he sends out.

I don't know why he keeps predicting the Bitcoin price however because most of the time he is incorrect. He said in 2018 that it would hit $50K, then changed his mind and said it would hit like $2K, and a month ago he said that "Winter isn't over yet".

The Bitcoin bonds however is very intersting and I hope that the exchange actually does launch it. Same with the SP500 and Nasdaq indices trading. Hopefully they can get over any regulatory hurdles and get it launched.

Another so called expert that doesn't have a clue about Bitcoin. He is probably telling people what are they willing to hear but not what is the real situation. Such predictioms are exaggerated and have to ground in reality and for people who beleive them could only make them to make wrong decisions.

There is no way "cash" is going anywhere, it is the corner stone of peoples spending habits, there are really very few things in life that could replace cash in most places. There are still places that doesn't even accept credit/debit cards and you assume they would turn into crypto instead ?

There is no way that happens and that is why I think cash will be never replaces. It chance shape or form but it will still exist forever, its just too much relied by the poor public. A utopia where people donate crypto to homeless they see on the street ? Really ? That is not going to happen anytime soon man.

I mean maybe in 500+ years we won't have cash but for the foreseeable future there is nothing strong enough to actually cover that need. I think $50k could realistically happen one day but cash will stay strong.

I like being hyped by this kinds of statement, but ending cash system a bit questionable inside my mind, they can still co exist and delivered
alternatively so people will have more options, it's the future will tell whether it can be possible to removed the fiat system completely but the
good thing just in case it will happen, value of bitcoin will reached that point or maybe much higher than that.

He seems to be a smart and wise guy and i like how he conservatively predicted the future price of btc in the meantime we are also hearding many bloated predictions that claim that btc price could grow to 100k in couple years and more than a million in 5 to 7 years. I think only time will prove if these predictions did well or not.

Well, the price of bitcoin is very possible to reach 50,000$ over time, but that will not be the end of cash, because banks and governments still want to use cash, is more easy to control and check it and throw how much they on a country economy.

Speculations based on thinking of a one man who is CEO of crypto exchange can only be fun for reading. It is hard to believe that cash can completely disappear in the near future, and that people will switch to only digital currency. The world is a very criminal society today, and most of crime are using cash because it is hard to track. For example 50% of cocaine production is confiscated, but less then 0.5% of money which is come from cocaine trade is tracked and taken away from criminals. Considering that criminals are closely related to politics (governments), it is very certain that cash will survive for long time.

I can agree with speculation that bitcoin price will go up to 50 000$, and it will probably happens in next 2-5 years. I think this is a very realistic forecast, for some even too low number.
 

LOL, I'd agree with the prediction, but the end of cash, no way.
He was smart to make a fortune on bitcoin but he can never make this prediction right again about the end of the cash.
This world would change if that will happen, which I don't see possible anytime.

He did not say " when " Because he does not want to risk his reputation too much.


when the year ends and the price does not reach $10,000, it will hide from the press for a long time and will come back when the price goes up, this has been the strategy of these guys who own exchanges, experts and fund managers when they do predictions and then fail on forecasts


maybe this will happen in 100 years


definitely I find it very difficult, we are talking about 2 countries that do not like bitcoin and it seems to me that they are striving to be more centralized and controlling their people

If cash stops to be in existence, then I think we are going to see the price of Bitcoin even much more than $100,000 because once inflation starts to eat up a country, they begin to find alternatives that will help grow their economy without the use of their own money, this were Bitcoin will come in place because it's never going to lose its value but rather gain value since the supply is much more than the demand, then we might even see the price of Bitcoin getting to $1 million, this is why we need to buy Bitcoin now.

It is good to hype whatever we believe in, but there is need to create little room for reality sometimes. I am sure even satoshi knows that BTC cannot replace cash completely and that is the main reason why he created the coin to be an ALTERNATIVE payment method, he never imagines or thought BTC will replace cash.

If the creator of the system doesn’t expect it to do so, irrespective of how valuable and widely accepted the coin is, I don’t think there is any need for us to create unnecessary view. Well, we are not obliged to fully take everything, we just hold on to that which we believe and that is the aspect of increased value which is very true.

Bitcoin will just take a portion of the online payment system, and we could dominate it, who knows but we all will still convert bitcoin to fiat.
The adoption might increase as what we called mainstream adoption but cash or fiat will always have biggest adoption as everyone are using cash.
Things that we have to understand that not all cash users are bitcoin users but all bitcoin users uses cash as well.

I don't think that that will be the end of cash because cash still available in all country and that means, people still believe cash for making a transaction. Bitcoin can increase into $10k, I don't have any doubt, but we are don't know when the price can reach that number, maybe this year or maybe in the next year. That still a prediction for me and it's the same as the other prediction that we already have seen or will see it later.

He is not far from the truth, I really expect bitcoin value to peg at $10,000 this year and pick within $20000 to $50000 next year which I also believe that we all have the same view as this, but what I strictly do not understand is the relationship between printing of money by banks and that of the price of bitcoin.

Although it depends on why the money is being printed, if it’s being printed to get rid of the bad ones in the market, I don’t see any correlation but if the money is being printed to create more circulation that they are short of, I think, its logical to say that more money will be in circulation and give the opportunity to people who are yet to invest to have money for investment. HE needs to clear the air on this.

In my opinion, people whose work is connected with non-cash forms of money are a little off from real life. If they think that they can live without cash, because everything is adjusted in them for making settlements in non-cash forms, then others can easily do without cash. It's not like that at all. Cash will not go away after five or fifty years. Most states are not ready for such a drastic step, and perhaps a few hundred, maybe more, years may not be ready.

I don't really believe these people who do predict the price and saying something that is not really going to happen. They were all trying to make a name or are they trying to catch some attention of the investors? When you look at the price today, how would he know that $50k will be the end of cash?

I don't know how it is in Europe or Asia but here in Canada, cash is basically accepted at 99% of places. The only places not accepting cash are maybe Costco Gas stations (due to slow-downs ) and maybe some Self checkout Kiosk's at grocery stores.

However you can pretty much pay with cash anywhere. And even if the place only accepts credit cards ,you can go to a grocery store and buy a prepaid credit card and pay that way.

I think we are at least a decade away from a cash-less society.

Too soon to call it the end of fiat money as we know it. There certainly is a problem from banks printing more and more money each day though I can't seem to find any direct correlation of both from each other, even though it has been pointed countless of times that bitcoin's rise may be attributed to the fall of cash in the next 2 years or so. Also, the governments and banks would surely not let their toy get beaten up that easily and will surely find ways in order to revive it. We are too far from a cash-less society for as long as we don't take up the initiative to use and receive bitcoins and crypto whenever possible.

Hey fiat money will never end and there’s no way to make all that fiat money suddenly worthless, as crypto’s are yet not favoured by most countries. I also know places where internet doesn’t work, how will they pay for their services?. Also as you have rightly said it banks will never let fiat die, isn’t it obvious by the way bank ceos try to bash bitcoins everytime it rises.

basically now that price has officially started to rise, all of a sudden every kid around the block is turning into an expert and they all insist on publishing their "predictions" about bitcoin and compete with each other over what number they come up with for the next ATH and they are all full of themselves while doing so.

so many new personalities appeared lately and all of them are predictionist but the problem is that most of their predictions are too good to be true and seems unrealistic . now back on this topic  . this one is not really exage but 50k usd might take alot of years and decade to achieve  because right now  ,the value is only at 4 to 5k usd  . we dont even reach the 1/4 of the said prediction  but what makes me laugh is when he say that the money will end .  lol thats impossible imho