Arthur Hayes predicts bitcoin rise to $50,000 and the end of cash

[cybersofts]

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/

[BrewMaster]

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.

[Baofeng]

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.

[mrdeposit]

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.

[figmentofmyass]

“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.

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

i honestly don't see why banks printing money has anything to do with bitcoin rising

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.

[Zadicar]

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.

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.

[LeGaulois]

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.

[figmentofmyass]

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.

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.

[1Referee]

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.

[LeGaulois]

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.

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.

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)

[BitHodler]

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.

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.

[Indrawan77]

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

[exstasie]

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.

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.

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.

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.

[adaseb]

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.

[bitbunnny]

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.

[Kevin77]

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.

[Pamadar]

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.

[bttmember]

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.

[Adriano2010]

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.

[Lucius]

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.