US Treasurys and foreign capital “repatriation” make a recipe for $1 million BTC

Bitcoin (BTC) will shoot to $1 million in just three years, thanks to global macroeconomic shifts, Arthur Hayes forecasts.

Arthur Hayes, former CEO of crypto exchange BitMEX, has set a new time frame for Bitcoin (BTC) to reach $1 million.

In his latest blog post on May 15, Hayes doubled down on his bullish predictions for the flagship cryptocurrency.

According to him, macroeconomic shifts will drive BTC to seven figures sometime "between now and 2028."

Shifting capital controls and US Treasury "devaluation" will make Bitcoin the optimal safety net, he believes.

"I think that the year 2028 is a reasonable estimate for the price of Bitcoin to reach seven figures ($1 million) and for foreign capital to begin "repatriation."

"We can say that the year 2028 is when the next US presidential election occurs and who knows what type of politician will win and what policies they will enact.

"Perhaps the US will have hyperinflated its currency to the point where Europeans, in a final desperate attempt to save their standard of living, will have no choice but to impose capital controls to prevent the last of the Europeans from fleeing the continent.

"Or perhaps Europeans will have already completed this task and imposed totalitarian levels of capital controls in a bid to prevent the last of the Europeans from fleeing the continent.

"Not even China has banned the private ownership of Bitcoin because it knows it’s counterproductive and impossible. But in a final act of defiance, European politicians may try to ban the holding of any crypto assets by fiat currency holders. They will fail, of course."

The post was titled "Europeans Must Take Back Control of Their Personal Funds."

Related: Bitcoin price analysis: BTC attempts to rally but faces strong resistance

As reported by Cointelegraph, Hayes has been open about predicting both short-term and longer-term BTC price expansion in the years to come.

In April, he envisaged a return to $100,000, and before that, joined those seeing the mid-$70,000 zone as a likely local bottom.

Multimillion-dollar targets for the next decade include those of major financial players such as Fidelity Investments.

Michael Saylor, CEO of business intelligence firm Strategy, which has the world’s largest Bitcoin treasury of any public company, said this week that he envisaged a $10 trillion valuation.

"My forecast for 2045 is 13 million a Bitcoin. We'll see how close I get to the mark, but I think we'll get there faster than people think. I'll be able to spend the last 10 years of my life enjoying the fruits of our labor in terms of building out this enterprise value in Strategy in Bitcoin and leading this initiative to awaken the world to sound money. I'm looking forward to seeing how it plays out."