Bitcoin could Hit $500K to $1M This Cycle, Says Authur Hayes

Authur Hayes, the co-founder and former CEO of cryptocurrency exchange BitMEX, has predicted that the price of Bitcoin (BTC), the world’s largest crypto asset by market capital, could reach new highs.

In a recent interview with Kyle Chasse, a crypto/blockchain industry veteran and technology entrepreneur, the BitMEX executive noted that BTC could surpass $500,000-$1 million in the current cycle after Chasse asked him if other digital assets like Ethereum (ETH) and Solana (SOL) could hit certain prices.

During the interview, Hayes linked the expected spike to repeated interference by the United States government during financial slumps, which often results in excessive money printing and rising inflation. He believes these actions distort the organic rhythm of economic cycles. 

U.S. Tariffs Benefits Bitcoin

The crypto price prediction comes after Hayes explained that the U.S. tariffs are good for bitcoin. The former CEO explained that Chinese investors could significantly influence Bitcoin’s upcoming price trends. Hayes pointed out that a steep 65% tariff targeting China might prompt authorities to let the yuan (CNY) slide beyond the 8.00 mark against the U.S. dollar. Such a decline in currency value may drive Chinese investors to turn to Bitcoin to safeguard their assets.

He added that despite the ongoing market decline, the declining strength of the U.S. dollar, fueled by international investors offloading U.S. tech equities, creates a supportive environment for BTC and gold.

Meanwhile, earlier this week, BTC hovered around $83,000-$87,000, recovering from its massive fall from $109,000. However, the crypto asset has declined and is currently trading at $83,000. The digital asset is up $1.97% in over 24 hours, with a market capitalization of over $1.66 trillion.

Bitcoin To Hit Several Prices

Despite bitcoin’s struggle over time, several price predictions have been made, which signifies its potential strength. Sometime last year, analysts from Bernstein, a research and brokerage firm, believed the crypto asset would hit $200,000 by the end of 2025. In April 2024, the firm also forecasted that BTC would reach $150,000.

Similarly, renowned American trader Peter Brandt speculated that the asset would sour between $130,000 and $150,000 in 15 months. Brandt leveraged bitcoin’s historical trends following previous halving cycles during this time. This event, which takes place every four years, cuts the reward for mining each Bitcoin block by 50%, effectively slowing the rate of new BTC entering circulation.

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