Arthur Hayes, the CEO of cryptocurrency trading platform BitMEX, recently shared that he sees Bitcoin eventually working its way up to $50,000 — with $10,000 still his current target for the end of 2019.
In an interview with Venture Coinist, Hayes broke down his thesis that the current global shift back toward quantitative easing will help drive capital into riskier assets, including cryptocurrencies.
“The 2019 chop will be intense, but the markets will claw back to $10,000,” Hayes said. “That is a very significant psychological barrier. […] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
Hayes also gave a 2-5 year price target for Bitcoin of roughly $50,000, citing mass adoption fueled by a shift towards financial privacy as the major driver of price. If this sounds familiar, its because Hayes made a similar prediction last July, but wrongly predicted that the target would be reached by the end of 2018.
Bitcoin is currently down 1.7% over the last 24 hours to $5,114, giving the largest digital currency a $90.26 billion market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.