{"id":551266,"date":"2023-09-14T11:00:17","date_gmt":"2023-09-14T11:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551266"},"modified":"2024-06-11T08:13:36","modified_gmt":"2024-06-11T08:13:36","slug":"bitcoin-rise-150","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rise-150\/","title":{"rendered":"Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here"},"content":{"rendered":"

The price of Bitcoin has fluctuated over the past month, but BitMEX co-founder Arthur Hayes is the latest crypto expert to make a bullish forecast for the asset. According to the former CEO of the cryptocurrency exchange BitMEX, Bitcoin could reach $70,000, and the only reason the asset is not yet at this price is because investors are fixated on the Fed’s nominal rate.<\/span><\/p>\n

Bitcoin Can Still Rise 150%<\/h2>\n

Various predictions have come in regarding Bitcoin, with some being <\/span>more bullish<\/span><\/a> than others. As for Hayes, he made his case regarding BTC in his Crypto Trader Digest <\/span>blog post<\/span><\/a> in light of various actions by the US Federal Reserve to curb inflation.\u00a0<\/span><\/p>\n

Related Reading: This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US<\/a><\/div>\n

Since March 2022, the Fed has raised interest rates multiple times, causing many investors like Hayes to reconsider their predictions regarding the outlook of Bitcoin.<\/span><\/p>\n

\n

What happens if the Fed keeps raising rates? Can the $BTC<\/a> bull market gain steam? “Are We There Yet?” is an essay exploring that question.https:\/\/t.co\/OGkVQreIBg<\/a> pic.twitter.com\/FTYR3HBq1a<\/a><\/p>\n

\u2014 Arthur Hayes (@CryptoHayes) September 11, 2023<\/a><\/p><\/blockquote>\n

In the blog post, Hayes shared several metrics relating to the US treasury yield and GDP growth. Hayes began adjusting his forecasts by disputing the widely held belief that BTC’s value is negatively correlated with rising interest rates.\u00a0<\/span><\/p>\n

A new outlook shows that the government’s spending rates and the current growth of GDP have driven down the actual treasury yield on 5% government bonds closer to 4%, making risky assets like BTC and stocks still attractive.\u00a0<\/span><\/p>\n

Hayes believes the Fed will be able to continue down this path of raising rates, and investors’ search for positive real yields in response to this has translated into a bullish market for Bitcoin which <\/span>began in March 2023<\/span><\/a>.\u00a0<\/span><\/p>\n

However, although Bitcoin is up by close to 29% since then, most of the market is still yet to catch on as everyone is focused on the nominal Fed rate and not the real rate.<\/span><\/p>\n

\u201cThe reason why we aren\u2019t at $70,000 is that everyone is focused on the nominal Fed rate, and not on the real rate when compared to the U.S.\u2019s eye-poppingly high nominal GDP growth.\u201d<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price trending above $26,300 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
BTC Price To $70,000?<\/h2>\n
While speaking at the Korea Blockchain Week, Hayes <\/span>mentioned that<\/span><\/a> the next Bitcoin bull market started on March 10, the day the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank (SVB).\u00a0<\/span><\/p>\n
Hayes has actually made similar predictions regarding Bitcoin. Back in March 2020, the pundit made a <\/span>prediction Bitcoin could rise<\/span><\/a> from $8,000 and reach $20,000 by the end of the year. BTC’s price would later close the year 2020 at around $27,000.\u00a0<\/span><\/p>\n
Related Reading: SEC Boss Gary Gensler Completes Senate Hearing: Here\u2019s What Crypto Investors Should Know<\/a><\/div>\n
The BitMEX co-founder <\/span>has previously expressed his discomfort<\/span><\/a> on Spot Bitcoin ETF, from investment companies like BlackRock, calling them \u201ccrypto gatekeepers\u201d who are only looking to balance their deposit base. However, Hayes believes a catchup by the market would Bitcoin survive more interest rate raise from Fed to skyrocket more than 150% from its current level by early 2024.\u00a0<\/span><\/p>\n
At the time of writing, <\/span>Bitcoin is trading<\/span><\/a> at $26,320 and is up by 2.27% in a seven-day timeframe.<\/span><\/p>\n
Featured image from Breet, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The price of Bitcoin has fluctuated over the past month, but BitMEX co-founder Arthur Hayes is the latest crypto expert to make a bullish forecast for the asset. According to the former CEO of the cryptocurrency exchange BitMEX, Bitcoin could reach $70,000, and the only reason the asset is not yet at this price is because investors are fixated on the Fed’s nominal rate. Bitcoin Can Still Rise 150% Various predictions have come in regarding Bitcoin, with some being more bullish than others. As for Hayes, he made his case regarding BTC in his Crypto Trader Digest blog post in light of various actions by the US Federal Reserve to curb inflation.\u00a0 Related Reading: This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US Since March 2022, the Fed has raised interest rates multiple times, causing many investors like Hayes to reconsider their predictions regarding the outlook of Bitcoin. What happens if the Fed keeps raising rates? Can the $BTC bull market gain steam? “Are We There Yet?” is an essay exploring that question.https:\/\/t.co\/OGkVQreIBg pic.twitter.com\/FTYR3HBq1a \u2014 Arthur Hayes (@CryptoHayes) September 11, 2023 In the blog post, Hayes shared several metrics relating to the US treasury yield and GDP growth. Hayes began adjusting his forecasts by disputing the widely held belief that BTC’s value is negatively correlated with rising interest rates.\u00a0 A new outlook shows that the government’s spending rates and the current growth of GDP have driven down the actual treasury yield on 5% government bonds closer to 4%, making risky assets like BTC and stocks still attractive.\u00a0 Hayes believes the Fed will be able to continue down this path of raising rates, and investors’ search for positive real yields in response to this has translated into a bullish market for Bitcoin which began in March 2023.\u00a0 However, although Bitcoin is up by close to 29% since then, most of the market is still yet to catch on as everyone is focused on the nominal Fed rate and not the real rate. \u201cThe reason why we aren\u2019t at $70,000 is that everyone is focused on the nominal Fed rate, and not on the real rate when compared to the U.S.\u2019s eye-poppingly high nominal GDP growth.\u201d BTC price trending above $26,300 | Source: BTCUSD on Tradingview.com BTC Price To $70,000? While speaking at the Korea Blockchain Week, Hayes mentioned that the next Bitcoin bull market started on March 10, the day the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank (SVB).\u00a0 Hayes has actually made similar predictions regarding Bitcoin. Back in March 2020, the pundit made a prediction Bitcoin could rise from $8,000 and reach $20,000 by the end of the year. BTC’s price would later close the year 2020 at around $27,000.\u00a0 Related Reading: SEC Boss Gary Gensler Completes Senate Hearing: Here\u2019s What Crypto Investors Should Know The BitMEX co-founder has previously expressed his discomfort on Spot Bitcoin ETF, from investment companies like BlackRock, calling them \u201ccrypto gatekeepers\u201d who are only looking to balance their deposit base. However, Hayes believes a catchup by the market would Bitcoin survive more interest rate raise from Fed to skyrocket more than 150% from its current level by early 2024.\u00a0 At the time of writing, Bitcoin is trading at $26,320 and is up by 2.27% in a seven-day timeframe. Featured image from Breet, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551272,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89383,428,656,678,679,15875,1119,89185,83744,1122,1144,78790],"class_list":["post-551266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-authur-hayes","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-prediction","tag-bitcoin-price","tag-bitmex-ceo","tag-btc","tag-btc-news","tag-btc-prediction","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has fluctuated over the past month, but Arthur Hayes is the latest to make a bullish forecast 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here","url":"http:\/\/uniquehot.com\/news\/bitcoin-rise-150\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-rise-150\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-bull-70000.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-bull-70000.jpeg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["authur hayes","bitcoin","bitcoin news","bitcoin prediction","bitcoin price","bitmex ceo","btc","btc news","btc prediction","btc price","btcusd","btcusdt"],"dateCreated":"2023-09-14T11:00:17Z","datePublished":"2023-09-14T11:00:17Z","dateModified":"2024-06-11T08:13:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-rise-150\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-rise-150\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-bull-70000.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-bull-70000.jpeg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"authur hayes\",\"bitcoin\",\"bitcoin news\",\"bitcoin prediction\",\"bitcoin price\",\"bitmex ceo\",\"btc\",\"btc news\",\"btc prediction\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-09-14T11:00:17Z\",\"datePublished\":\"2023-09-14T11:00:17Z\",\"dateModified\":\"2024-06-11T08:13:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-bull-70000.jpeg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551266"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=551266"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/551272"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=551266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=551266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=551266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}