Bitcoin To Hit $20k This Year, BitMEX CEO Says – Potential Price Trigger
The crypto market looks pretty much similar in terms of prices to what we witnessed yesterday.
Bitcoin is currently trading in the red, and at the moment of wiring this article, the most important coin in the market is priced at $6,839.40.
Arthur Hayes talks about the economy and Bitcoin
BitMEX CEO is back with a new set of predictions for BTC and the global economy.
In a new edition of the Crypto Trader Digest. Arthur Hayes said that the US government could print enough money to initially weather fallout from the coronavirus.
He also believes that due the the dropping demand for foreign goods and heavy hoarding of cash from American banks, the US dollar will not flow to the businesses and nations that really need it the most.
The destruction of the economy
The result to what we mentioned above will be a fallout that will destroy the global economy.
“The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like,” Hayes said.
BitMEX CEO reveals optimistic prediction for Bitcoin
Hayes says that Bitcoin will see some benefits out of this, and this is bound to happen, especially if the US decided to digitize the US dollar.
“All I know is the setup for Bitcoin, the hardest form of digital money, could not be better,” he said.
Hayes continued and highlighted the fact that all manners of trust have evaporated, and governments will be embarking on the greatest fiscal stimulus binge that the world has ever seen. This will boost Bitcoin according to his predictions.
We recommend that you check out his complete thoughts on the matter.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.