Despite months in a tight consolidation, the BTC price just broke above a critical level of support. As Europe’s geopolitical tensions rise, organizations and people are undoubtedly looking to invest their assets in an inflation-proof, stateless asset.
According to some, Bitcoin is still in its ‘early innings,’ which means that its value is far from where it will be in the future, according to others. As a result, there have been some rosy forecasts for digital assets. Arthur Hayes, the co-founder of BitMex, has come up with the most recent projection of $1 million for the first cryptocurrency.
Rise Predicted to be in Phase Shift
The financial markets are now under a lot of socio-political pressure. Many sanctions have been put in place due to the Russian invasion of Ukraine. In a blog post titled “Energy Cancelled,” BitMex Founder and Ex-CEO Hayes discuss the escalating conflict and the global reaction in which he revealed his ideas on what this may imply for crypto and other financial market assets.
Hayes predicted that Bitcoin would follow gold in a “phase shift” that would occur in the future. He indicated that the demand for gold and other precious metals would surge due to this phase transition. He went on to say that the actual item might easily reach a value of $10,000 if this were to happen. Also, noting that the market might witness gold prices that are “unfathomable” in the future.
The rise of gold, bitcoin’s main competitor, would also positively affect the digital currency. According to Hayes, these commodities are examples of “hard money,” with gold being analogue and bitcoin being digital.