TL;DR
- Election Impact on Bitcoin: Arthur Hayes stated that the 2024 U.S. presidential election will have minimal impact on Bitcoin’s future. He believes that the influence of major financial institutions like JPMorgan and Goldman Sachs will overshadow any policy changes from the election.
- Crypto Industry Evolution: Hayes, who transitioned to the crypto world after starting his career at Deutsche Bank during the 2008 financial crisis, co-founded BitMEX and observed the crypto industry evolving to resemble traditional banking.
- Bitcoin’s Future Outlook: Hayes is highly optimistic about Bitcoin’s future, predicting its price could soar to hundreds of thousands of dollars, possibly even $1 million. He attributes this potential surge to massive debt rollovers.
In a recent interview with DLNews, former BitMEX CEO Arthur Hayes shared his provocative views on the upcoming 2024 U.S. presidential election and how it may influence Bitcoin. Hayes asserted that the election outcome would have little bearing on Bitcoin’s future, regardless of whether Donald Trump or Kamala Harris emerges victorious.
Arthur Hayes began his career on a Deutsche Bank trading floor in Hong Kong in September 2008, the same day Lehman Brothers filed for bankruptcy. At just 22, Hayes witnessed the collapse of high-adrenaline trading and million-dollar bonuses, replaced by stringent regulations and compliance.
This shift led him to discover the world of cryptocurrency. “When I read the Bitcoin white paper, it really resonated with me in terms of my true philosophy, like the corrupt banking system and how bullshit it is,” Hayes told DL News.
The Evolution of Crypto
Over the past decade, Hayes co-founded the BitMEX crypto exchange, reached billionaire status, and faced legal challenges in the US. Despite these ups and downs, he observes that the crypto industry is beginning to mirror the traditional banking sector he once left behind.
Major financial institutions like BlackRock and Franklin Templeton now offer retail investors safe and affordable ways to invest in crypto. At the same time, Fidelity aims to integrate Bitcoin into American pensions.
Hayes believes the industry retains its unique energy, attracting a diverse group of people from financial and tech backgrounds who seek something different.
“They want something with uncapped upside, obviously super volatile, and you can wash out pretty quick if you’re not diligent. But at least there’s an ability to generate, either extreme usage of your products, or extreme wealth,” he said from his office in Singapore.
The Election and Crypto
Discussing the upcoming election, Hayes remains indifferent to whether Donald Trump or Kamala Harris wins. “They think Trump says the right things and so he will make it happen faster. Trump or Harris, it doesn’t matter,” he stated.
Hayes argues that the influence of major banks like JPMorgan and Goldman Sachs outweighs the contributions from the crypto sector, making significant policy changes unlikely regardless of the administration.
Bitcoin’s Future According to Arthur Hayes
Hayes is optimistic about Bitcoin’s future, predicting a substantial price increase. “The Bitcoin price in this cycle is going to go very, very high. Hundreds of thousands of dollars, maybe $1 million,” he forecasted.
He attributes this to the massive debt rollover and the evolving global monetary architecture, despite resistance from those who have benefited from the current system. Hayes sees a bright future for Bitcoin, driven by inevitable monetary policy changes and the enduring appeal of cryptocurrency.
