The crypto market has experienced its fair share of highs and lows in recent years. Amidst varying opinions, Arthur Hayes, CEO of crypto exchange BitMEX, shared his outlook on the future of the market and the potential for smaller U.S. banks to benefit from the rising popularity of cryptocurrencies.
According to Hayes, smaller U.S. regional banks may continue facing the risk of collapse compared to their larger counterparts holding treasuries and mortgage-backed securities. However, he believes that if crypto exchanges become more mobile and operates across different countries, it could help familiarize people with Bitcoin and other digital assets. Such a scenario would be a win for the entire industry, as more people become familiar with the workings and potential of the crypto ecosystem.
Nonetheless, despite the growing interest in cryptocurrencies, the BitMEX CEO remains skeptical about the immediate future of Bitcoin prices. He predicts that Bitcoin might not reach the $70,000 mark this year but envisages that 2024 could be favorable for the crypto market. However, he also foresees a potential collapse in Bitcoin prices in 2025 and 2026, owing to geopolitical tensions.
Laying out his thoughts on the popular What Did Bitcoin podcast, Hayes stated, “Next year (2024) is when I think we will cross that barrier ($70,000) and we get the blow off top in 2025 or 2026. And then it’s Armageddon.” While many investors might take the opportunity to profit from the crypto market in the coming years, Hayes also anticipates that a majority of people will still choose not to invest in Bitcoin.
Interestingly, Hayes mentioned that he did invest in PEPE Coin, a memecoin that has taken the crypto market by storm in the past two months. Memecoins have been gaining traction lately, showcasing selective growth as the crypto market continues to recover.
While the ever-changing crypto market remains a topic of contention, it is crucial for potential investors to conduct thorough market research before venturing into cryptocurrencies. It is also essential to keep in mind that the opinions and predictions expressed by industry experts, such as Arthur Hayes, are subject to market conditions and may not always guarantee financial success.