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Arthur Hayes, the former CEO of Bitmex, shared his thoughts on the future of cryptocurrencies and made bold predictions about Bitcoin (BTC) And Dogecoin (DOGE) in a recent podcast. Thus, the entrepreneur believes that Bitcoin could reach $100,000 by the end of 2024, and perhaps even $250,000 by the end of 2025.
Meanwhile, Dogecoin, the leading coin, whose price has risen a lot lately, may even reach $1 in the near future, Hayes believes.
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Such an optimistic outlook from the former Bitmex boss is due to a mix of global economic trends and changes in monetary policies. Hayes says economic recovery efforts, particularly in the United States, will continue to spur inflation, leading more people to turn to cryptocurrencies like Bitcoin as a hedge against traditional financial assets.
He also mentioned that new economic policies could bring manufacturing jobs back to the United States, which would inject a lot of money into the domestic economy. As manufacturing and domestic production increase, Hayes expects inflation to follow, which will benefit Bitcoin as an alternative store of value.
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It’s not just about Bitcoin, however, as the global economy is generally prepared for digital currencies, Hayes notes.
He believes that monetary authorities in China, Japan and the EU are all pumping money into their economies, and that US monetary policies are also likely to support the rise of cryptocurrencies. The current inflationary environment, along with falling bond yields, is making traditional investments less attractive, so investors are turning to alternatives like crypto.
Warning
There’s a big problem, because even though Hayes is all-in for crypto in the future, he reminded newcomers to the space to be careful, avoid making emotional decisions and taking profits at the right time.
He also warned listeners about the risks of chasing profits without a solid strategy, especially in light of past events such as the collapse of FTX, which showed how quickly things can go wrong in the world of cryptography.
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Overall, Hayes is bullish on Bitcoin and Dogecoin, but he believes the crypto space will continue to grow if there is a good mix of technological innovation, venture capital and a healthy dose of what we have learned from past mistakes.