Bitcoin Could Hit $100,000, Ethereum $5,000
In a recent interview, BitMEX co-founder Arthur Hayes shared insights on the cryptocurrency market, citing global economic changes and uncertainty surrounding the U.S. presidential election. Despite the political situation, Hayes remains optimistic about the long-term potential of Bitcoin (BTC), predicting that the price of Bitcoin could reach $100,000 by the end of the year.
Hayes highlighted the impact of the easing of the "yen carry trade" on global markets and its significant impact on cryptocurrencies. The yen carry trade refers to borrowing yen at low interest rates and investing in high-yielding assets including cryptocurrencies. The trade increases volatility in the cryptocurrency market and adds to selling pressure. "As yen borrowing flows into the cryptocurrency ecosystem, people are selling what they can, not what they want," Hayes explained.
When it comes to altcoins, Hayes remains bullish on Bitcoin's native Ordinal. He believes that as Bitcoin's value rises, Bitcoin owners will increase their spending on digital artifacts and cultural experiences that resonate with them.
Hayes remains confident in the potential for strategic investment and political cooperation to shape the future of cryptocurrencies, predicting that Bitcoin will reach $100,000 and Ethereum will reach $5,000 by the end of the year, driven by increased liquidity and market dynamics.
