From Bear to Bull: Former BitMEX CEO Sees Bitcoin Price Climbing to $70,000 by Year-End

Arthur Hayes, co-founder and former BitMEX CEO of cryptocurrency derivatives trading platform BitMEX, has changed his stance on Bitcoin from short-term bearish to decidedly bullish, following the cryptocurrency’s recent performance that has challenged his expectations.

Bitcoin price has recently been climbing closer to its biggest winning streak as it nears the $50,000 mark. CryptoComparer data shows that BTC is currently trading at $48,900 after rising over 1.6% in the last 24 hours.

Earlier in the year, Hayes had bet on a near-term decline in the price of Bitcoin by purchasing puts at a strike price of $35,000, anticipating a market correction. However, in a recent interview with Crypto Banter, Hayes expressed optimism for Bitcoin, predicting that it could reach a new all-time high of $70,000 by the end of the year, without predicting a significant slowdown in the future. close.

Its initial bearish stance was influenced by expectations of financial turmoil, including potential banking stresses and the Federal Reserve’s monetary policies. Despite a temporary drop in Bitcoin’s value in March 2023, due to banking instabilities, the cryptocurrency did not fall as much as Hayes expected, leading him to close his short position as the costs exceeded the benefits.

Hayes humorously noted that his trading manoeuvres were partly aimed at making extra money for his leisure activities, emphasizing his long-term confidence in Bitcoin regardless of these short-term speculative efforts.

Additionally, he highlighted concerns about a potential banking crisis, particularly related to commercial real estate lending, suggesting that central banks could respond by injecting significant liquidity into markets to avoid an economic collapse.

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