Godfrey Benjamin
Arthur Hayes is once again bullish on Bitcoin given the current banking woes
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BitMEX co-founder and renowned crypto advocate Arthur Hayes has made another major bullish price prediction for Bitcoin (BTC) by reaffirming his belief in the top cryptocurrency. On his official X account, Arthur Hayes commented on the current problems of the New York Community Bank (NYCB), which is on the verge of collapse.
The bank has faced significant headwinds recently, and current indications suggest that it may soon go bankrupt. In the screenshot shared by Hayes, Bloomberg reported that ratings agency Moody's downgraded NYCB's credit rating to “junk.”
Arthur Hayes then predicted that from this point on, the next call for the financial institutions that reportedly acted as buyers of cryptocurrency-focused Signature Bank when it imploded last year could be bankruptcy. For Arthur Hayes, NYCB's problems are typical of the broader banking sector, whose current monetary models, in his view, are largely unsustainable.
Due to this banking crisis, Arthur Hayes believes Bitcoin is the only solution as the Federal Reserve may print more money to save the day. Hayes has always advocated that this will lead to more financial crises that will favor Bitcoin.
Bitcoin price hits $1 million club
In his post, Arthur Hayes now believes that Bitcoin has what it takes to rise to $1 million, a forecast that is considered one of his most ambitious predictions yet for the coin.
However, Arthur Hayes is not the only one making this mega prediction as Samson Mow is considered to be the biggest proponent of this mega price target. Samson Mow is just as vocal as Hayes, but while the latter believes economic uncertainties will fuel Bitcoin's growth, the former sees the spot Bitcoin ETF market and the upcoming halving as the strongest catalysts for the asset.
Further impressively optimistic forecasts also came from Cathie Wood of Ark Invest.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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