Bitcoin’s Wild Ride: Will It Hit a ‘Numerically Interesting Number’ or Just My Grocery Bill?
So, Arthur Hayes, the grand poobah of BitMEX, is back at it again, claiming that Bitcoin (BTC) is about to hit a number so big it’ll make your head spin faster than a hamster on a wheel. 🐹💨
In a recent chat with Kyle Chasse, the founder of Master Ventures (which sounds like a fancy title for a guy who plays Monopoly for a living), Hayes predicts that Bitcoin is gearing up for a series of rallies. You know, like the ones you do when you find out it’s Taco Tuesday! 🌮
“I think Bitcoin is going to hit a numerically interesting number. Now, obviously, I put a $1 million Bitcoin out there. I hope it hits a $1 million, but maybe it’s like $666,000 or $500,000 or $250,000 – some round number that in the human mind is significant for some arbitrary reason. We are going to hit that level and then we’re going to expect insane things out of the pace of fiat money creation. And at that point, it’s probably time to sell everything.”
Hayes also thinks Bitcoin has ditched its four-year halving cycle like a bad date and is now more influenced by the amount of fiat liquidity sloshing around. You know, like that last sip of soda you regret but can’t resist. 🥤
Now, let’s talk about Bitcoin’s halving. It’s like a birthday party for miners where they only get half the cake. 🎂 This event has historically caused a supply-demand imbalance that leads to price rallies. But now, according to Hayes, Bitcoin is no longer just a techy digital asset; it’s the hottest topic on every financial network, and even central banks have opinions on it. Spoiler alert: they’re not all good! 😬
“Now I think Bitcoin has transitioned from this sort of technological digital bare asset into the best smoke alarm for fiat liquidity that we have globally. Previously, that role was held by gold. Gold and Bitcoin have some different properties that make them react a little differently to things. And now I think we have a 24/7 market. Anyone with an internet connection can access it, and it’s really just driven [by] fiat liquidity.”
As of now, Bitcoin is trading at a cool $84,152, down 3.7% in the last 24 hours. So, if you were thinking of buying a yacht, maybe hold off for a bit. 🚤
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2025-03-29 15:01