BitMEX co-founder Arthur Hayes, in his latest substack essay has given yet another prediction on where he sees the largest cryptocurrency, Bitcoin heading towards.This time he’s sticking his tongue out to say Bitcoin (BTC) will surge to $1 million between now and 2028. But its not tariff disruption or institutional adoption that driving up the prices, he believes that capital control will set bitcoin soaring.
Hayes argues that the U.S. will impose financial restrictions on foreign investors, which would force investors to move away from traditional assets into BTC and gold.
The Maelstrom CIO gives a detailed analysis of why a combination of Treasury buybacks, bond market panic, and tough taxation on foreign assets will drive them to a more stateless digital asset like Bitcoin.
“The reason why Bitcoin is a superior vessel to move capital around the global financial balkans is because it is a digital bearer asset. To store and transfer wealth does not require an intermediary”, he notes.
His essay talks about how capital controls will work, why the treasury may be forced to print money to finance the US treasury market, and ultimately why Bitcoin will be the best-performing asset during this period of global monetary transformation. But even while pegging his prediction to $1 million, Hayes says that will be ‘opportunities to take tactical short positions’.
Bitcoin recently breached that milestone $100,000 mark and Hayes in his earlier predictions said that he sees BTC hitting $150,000 by end may and $250,000 by end of this year. His upbeat analysis for the cryptocurrency comes with its caveat, however, he still believes that ‘the time is now to make hay while the sun king takes a shine to Bitcoin’.