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BitMEX Co-Founder Arthur Hayes Sees Bitcoin Price Hit $1 Million on Bank Bailouts

BitMEX co-founder and former CEO Arthur Hayes recently shared a scenario on X in which he envisions the Bitcoin price reaching $1 million.

Hayes tweeted that Federal Reserve Chairman Jerome Powell is asserting that US banks are strong to very strong, but NYCB (New York Community Bancorp) has a different perspective.

He raised the question of who is correct, the market or the central banker? Hayes questioned.

The co-founder of BitMEX and a prominent supporter of Bitcoin then made a prediction that a bailout is on the horizon, and the price of the leading cryptocurrency by market capitalization could potentially reach $1 million.

According to Arthur’s analysis, US banks will once again require a substantial bailout, and the Federal Reserve and the Treasury will inject a significant monetary supply into the market, thereby driving up the price of Bitcoin.

Hayes Expects 20-30% Correction by Late March

As previously reported in January, Hayes made a prediction of a substantial correction in Bitcoin’s price, foreseeing a decline ranging from 20% to 30% by early March.

Hayes elaborated on his perspective in a detailed post, cautioning traders during the ongoing cryptocurrency bull market. He anticipates a potential significant correction in March, preparing for what he refers to as a “vicious washout” that could impact cryptocurrency investors who might be considered “tourists” in the market. Arthur Hayes stated:

“I expect Bitcoin to undergo a healthy 20% to 30% correction from whatever level it has reached by early March. The washout could be even more severe if the slate of US-listed spot Bitcoin ETFs has already started trading.”

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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