Arthur Hayes projects Bitcoin to reach $1 million by 2026

The former BitMEX chief executive Arthur Hayes told Tom Bilieu in an interview that by 2026 the price of Bitcoin would reach between $750,000 and $1 million.

He justified his forecast:

• limited supply of the asset;
• prospects of approval of spot bitcoin-ETF;
• geopolitical uncertainty.

“I think this will be the biggest boom in the history of the financial markets. Bitcoin will rise to absurd levels, Nasdaq will rise to absurd levels, the S&P 500 will rise to absurd levels,” Hayes said.

According to the analyst, next year Bitcoin could reach $70,000.

In May 2023, Hayes ruled out Bitcoin hitting a new all-time high by year-end, but allowed for a new rally for the asset in 2024.

Earlier in September, he noted that since March the first cryptocurrency has been in a bull market and, over the next 6–12 months, will deliver a new impulse.

The expert is convinced that the uptrend began after the ФРС launched a $25 billion bank-stabilization program in light of ‘rescue’ of Silicon Valley Bank.