BitMEX founder and crypto veteran Arthur Hayes offers bullish outlook for Bitcoin (BTC), Dogecoin (DOGE) and the broader digital asset market cycle.
In a new discussion on the Alpha Only podcast, Hayes argues that traditional financial companies (TradFi) could be behind the froth and subsequent collapse in crypto valuations.
Hayes says TradFi will see crypto rise and eventually be allocated to large companies and projects. But as the market cycle continues and many projects become overvalued, Hayes says investors will likely start moving toward less legitimate projects, creating a huge gap between price and reality.
“And so at the beginning, the credit is well allocated, there are good uses. But as we get ready for the rally, you start allocating credit to dogsh*t because you have to allocate to get paid and that’s when you find out, whatever pocket is hotter , that’s where you see way too much money coming in. , they’re probably taking risks in their business model which relies on constantly rising prices and that’s where this kind of dislocation happens.
I don’t know yet where it’s going to go, I don’t think we’re there yet in terms of a sector that’s so hot that all this debt capital is coming into it, particularly the TradFi space, and I think that This is where we must be aware of the risk of extermination if prices do not correspond to reality.”
When the market gets frothy, Maelstrom CIO says Bitcoin will likely be at much higher prices.
“I think we’ll hit $100,000 by the end of the year and I’ll say probably by the end of 2025, $250,000.”
Hayes also believes Dogecoin could “for sure” hit $1 and is generally bullish on memes and memecoins in general.
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