BitMEX Co-Founder Arthur Hayes Predicts Bitcoin (BTC) Could Hit $1M by 2028

BitMEX co-founder Arthur Hayes told TOKEN2049 attendees in Dubai that Bitcoin could reach $1 million by 2028. He cited rising U.S. deficits and the likelihood of renewed money printing as major catalysts.

BitMEX co-founder Arthur Hayes told TOKEN2049 attendees in Dubai that Bitcoin (BTC) could hit $1 million by 2028 due to rising U.S. deficits and the likelihood of renewed money printing. He was also optimistic for a wider market rally across crypto and equities.

“It’s time to go long everything,” said Hayes, referencing cryptocurrencies and stocks, as he spoke at TOKEN2049.

The well-known trader said the U.S. government will be forced to inject more liquidity into the financial system through mechanisms similar to quantitative easing.

Liquidity Will Drive Bitcoin to $1 Million

Hayes likened the current macro setup to late 2022. The period was marked by high interest rates and uncertainty following the FTX collapse, yet assets recovered quickly once the U.S. commenced its $2.5 trillion repo program.

Now, with markets juggling Donald Trump’s proposed trade tariffs (currently postponed for 90 days) and a pending liquidity withdrawal, Hayes sees the familiar ingredients coming together again. He anticipates institutional traders stepping up to absorb U.S. debt, and that liquidity to be channeled back into riskier assets like Bitcoin.

While noting Federal Reserve Chair Jerome Powell might be less inclined to support market stability with Trump’s influence, suggesting relative value hedge funds could increase their purchases of U.S. debt, thereby boosting market liquidity.

“The Treasury ‘prints’ money to fund the U.S. government,” said Hayes, as he made his case for Bitcoin to repeat or exceed its recent price performance.

From 2022 to 2025, Bitcoin has already seen a nearly sixfold increase. To reach $1 million by 2028, Bitcoin would need to sustain a similar rate of appreciation from current levels.

At press time, Bitcoin is trading at $94,703, showing resilience despite earlier volatility in 2025.

Treasury Action and Bitcoin Performance

suggest that institutional investors are becoming increasingly interested in Bitcoin and other cryptocurrencies.

Moreover, Harvest Savings & Inv’s Head of Research, Peter Chung, recently told CNBC he stands by his year-end Bitcoin price forecast of $210,000.

Chung, who also manages money for Harvest, cited strong institutional demand for crypto and anticipation of rising global liquidity as key drivers, presenting over 120% potential upside from current prices. He described Bitcoin as a “risk-on asset” that benefits from network effects, similar to tech firms.