Key Takeaways
- Arthur Hayes predicts Bitcoin could reach $1 million by 2028.
- He cites increased U.S. dollar liquidity as a key driver for rising asset prices.
- Hayes compared current conditions to 2022, when $2.5 trillion was injected into markets.
Arthur Hayes, CIO of Maelstrom and former BitMEX CEO, reaffirmed his long-standing prediction that Bitcoin could reach $1 million by 2028, speaking at Token2049 in Dubai.
Optimism for Bitcoin & stocks
DUring his keynote, Hayes expressed optimism not only for Bitcoin, but also for stocks, amid expectations of increased dollar liquidity from the U.S. government.
He said:
It’s time to go long everything.
Impact of liquidity injections
Hayes argued that, similar to past monetary interventions, future liquidity injections could drive up asset prices, including Bitcoin.
He compared the current economic climate to Q3 2022, when fears about rate hikes and crypto contagion were high, just before the collapse of FTX.
During that period, the U.S. injected $2.5 trillion via its repo program to stabilize markets.
Global concerns & market stabilization
Hayes pointed to rising global concerns, such as President Trump’s aggressive tariff strategy, which initially rattled markets before a 90-day pause.
Despite political tensions, including with Federal Reserve Chair Jerome Powell, Hayes said relative value hedge funds would step in to stabilize the system by purchasing Treasurys, indirectly increasing market liquidity.
Bitcoin’s price path & macroeconomic trends
He maintained that this broader liquidity boost could significantly benefit Bitcoin, stating that the asset’s price path is tied to macroeconomic trends and policy responses.
