BitMEX Founder Arthur Hayes Predicts Bitcoin BTC/USD Could Reach $1M by 2028

Hayes holds the belief that Bitcoin could reach a seven-figure price in the upcoming years.

Arthur Hayes, the founder of BitMEX, is known for his bold predictions, and recently, he shared his thoughts on where he sees Bitcoin going in the next few years.

What Happened: During an interview with Real Vision, Hayes discussed his outlook on Bitcoin’s price in the upcoming years.

While discussing the US budget deficit and the prospect of a change in administration, Hayes noted that the administrative costs will rise further, and the interest on Treasury debt is expanding exponentially.

“We know you’re going to print more money, we know that Bitcoin does best when money is printed. I don't know, I can't tell you what stock is going to do well, that's hard. But I can tell you where Bitcoin's going to go,” he said.

“So the things that drive the budget are only going up and interest on the Treasury debt again is expanding exponentially because even if Trump is successful on his plan, which is 3% deficit by 2028, because of where you started with, the size of the debt, your interest costs are still expanding exponentially.

“So again there's just no way mathematically, unless they decide we're going to shut down the government which is not what he's talking about that they're going to be able to spend less than Biden," he added.

Pointing out another factor that bodes well for Bitcoin, Hayes noted the growing acceptance of the flagship crypto asset as a safe-haven asset by institutional investors.

“We now have an ETF, we now have this narrative in an institutional investor's mind that, ‘Oh, Bitcoin is not just NASDAQ, high beta. It's actually a hedge against the fall of American exceptionalism, the fall of the American hegemonic empire, maybe I should own some of this. This is going to do well.'"

See More: Top 50 Coins on Benzinga

Why It's Important: Bitcoin's price has been on a tear in recent times, and with the US gearing up for an election cycle, there's speculation that the candidates might focus on easing monetary policy.

This, combined with the increasing adoption of Bitcoin as a safe-haven asset, could provide the necessary impetus for Bitcoin’s price to reach the $1 million mark.

The potential for the US budget deficit to widen could also serve as a catalyst for this surge.

However, only time will tell if these factors will indeed propel Bitcoin to the projected seven-figure price.