Arthur Hayes, the co-founder and former CEO of BitMEX, recently made headlines when he predicted that Bitcoin is unlikely to reach $70,000 until 2024. This prediction has caused some concern among Bitcoin investors and enthusiasts, who have been hoping for a rapid rise in the value of the cryptocurrency.
So, why does Hayes believe that Bitcoin won’t reach $70,000 until 2024? There are several factors that he cites as contributing to this prediction.
Firstly, Hayes believes that the current economic climate is not conducive to a rapid rise in the value of Bitcoin. With the COVID-19 pandemic causing economic uncertainty and volatility in financial markets, many investors are hesitant to take on risky investments like Bitcoin. Additionally, governments around the world are taking steps to regulate cryptocurrencies, which could further dampen investor enthusiasm.
Secondly, Hayes points to the fact that Bitcoin is still a relatively new and untested asset class. While it has been around for over a decade, it is still not widely understood or accepted by mainstream investors. This means that it may take some time for Bitcoin to gain widespread adoption and recognition as a legitimate investment option.
Finally, Hayes notes that there are several technical challenges that need to be overcome before Bitcoin can reach $70,000. These include issues with scalability, security, and usability. While there are ongoing efforts to address these challenges, they are not likely to be resolved overnight.
Despite these challenges, Hayes remains optimistic about the long-term prospects for Bitcoin. He believes that it has the potential to become a major asset class in the coming years, and that its value will continue to rise over time. However, he cautions that investors should be patient and not expect rapid gains in the short term.
In conclusion, Arthur Hayes’ prediction that Bitcoin is unlikely to reach $70,000 until 2024 may be disappointing for some investors. However, it is important to remember that Bitcoin is still a relatively new and untested asset class, and that there are many challenges that need to be overcome before it can reach its full potential. While it may take some time for Bitcoin to gain widespread adoption and recognition, its long-term prospects remain bright.
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- Source: https://zephyrnet.com/bitcoin-at-70000-arthur-hayes-reveals-why-this-price-level-is-unlikely-to-happen-till-2024/