Cryptocurrency News

Bitcoin to Reach $1 Million According to BitMEX Co-Founder Arthur Hayes

By March 22, 2022 No Comments

Key highlights:

  • The former CEO of BitMex, Arthur Hayes, believes the sanctions against Russia will very likely have an adverse impact on the dollar’s dominance.
  • Arthur expects Bitcoin to reach $1 million and gold to reach $10,000 per ounce.
  • According to a number of analysts and investors, sanctions could lead to a new world economic order.

Arthur Hayes, the former CEO of BitMex, wrote an op-ed titled “Energy Cancelled” in which he explained how Eurodollar / Petrodollar could collapse as a result of the war in Ukraine and resulting sanctions. In his prediction, Arthur Hayes stated that the price of Bitcoin could reach $1 million while the price of gold could reach $10,000.

Dollar dominance may come to an end with sanctions against Russia

Hayes believes sanctions against the world’s largest energy producer will ultimately result in consequences for the United States and European Union, who imposed them. Nevertheless, he says the current financial system is no longer neutral as these countries are weaponizing it against Russia.

This would be enough to make Russia and other countries lose trust in the global digital monetary network resulting in a potential creation of a new, gold and Bitcoin dominated monetary order. He sees this as an opportunity for sovereign nations and individuals to shift their focus from global finance to hard assets.

According to some analysts, the latest round of sanctions being imposed on Russia will have a long-term impact on the global economy.

Moreover, the co-founder of BitMex predicted that gold could reach $10,000 per ounce and that Bitcoin could hit $1 million. Hayes also discussed the general view among Bitcoin advocates, who believe the crypto asset is the digital equivalent of gold because it is easier to transfer whealth using BTC than gold.

“The end of dollar” talks are on the rise

It’s not the first time an analyst has said that sanctions on Russia could lead to a new world economic order.

Sanctions against Russia may push China to promote its digital yuan as a cross-border settlement currency. The result would be countries around the world becoming less reliant on the Western-dominated financial system as they search for viable alternatives all over the world.

In his recent tweets, Robert Kiyosaki, author of the popular Rich Dad Poor Dad book, discussed the end of the U.S. dollar’s hegemony. Kiyosaki believes that Saudi Arabia’s sale of oil to China and the trade in the Chinese yuan are indicators of the country’s diminishing influence.

Taking the example of Jim Rogers, another popular investor, he said that an international currency should be neutral, but since the US is weaponizing the dollar, some countries have begun looking for a competing currency since Washington no longer plays fair.

Final thoughts

Will Bitcoin really reach $1 million in the near future? According to many analysts and investors, it is very likely that, due to everything that’s happening around the globe, crypto currencies will start to rise. With the current financial system not being neutral, there is a possibility of a gold and Bitcoin dominated monetary order. Only time will tell, as they say.