BitMEX CEO Arthur Hayes Stands by $50,000 Bitcoin Price Prediction

Omar Faridi
  • BitMEX CEO Arthur Hayes recently stated on CNBC’s Fast Money show that he’s sticking to his $50,000 Bitcoin price prediction by end of this year.
  • Hayes said that Bitcoin could be “one positive regulatory decision away” from again hitting the $20,000 mark, and then surging to $50,000.

BitMEX CEO Arthur Hayes recently stated that he still thinks Bitcoin (BTC) will reach $50,000 by the end of this year. The Wharton School graduate sated on CNBC that he thinks “something that goes up to $20,000 in one year can have a correction down to around $6,000.”

He added that bitcoin might be “one positive regulatory decision away” from again reaching the $20,000 price range, and then climbing up to $50,000. This regulatory decision could be something like an ETF being approved by the US Securities and Exchange Commission (SEC), according to Hayes.

The CEO of BitMEX further noted that he thinks larger cryptocurrency price movements will occur during an even shorter timespan as we move forward. This, he added, because of the increase in the number of active participants in the evolving crypto market.

Hayes then pointed out that from 2013 to 2015, “we went for $1,200 to $200” and from 2015 to 2017, “[from] $200 to $20,000.” Having gone through these large price swings in previous years, Hayes believes it is possible that the timespan between these high price fluctuations could become shorter due to the sheer number of investors “who have invested capital and resources to trade this asset class.”

Additionally, the cryptocurrency exchange’s chief executive revealed higher liquidity levels, along with an added interest in cryptocurrencies, will lead to a shorter timespan “between an aggressive bear market and an aggressive bull market.”

Bitcoin's Unexpected Surge 

Fundstrat co-founder Tom Lee has also made a bullish bitcoin price prediction, as he believes the cryptocurrency hit $25,000 by the end of 2018. Hayes himself has in the past predicted BTC will hit $50,000.

Notably, bitcoin’s price fell below $5,900 this week and many market analysts thought it would decline further. The cryptocurrency has been enduring a bearish trend that saw it drop from a near $20,000 all-time high since late last year. Surprisingly, though, the flagship cryptocurrency has surged to around $6,400 and appears to be stabilizing at this price.

BitFlyer Commemorated Bitcoin Pizza Day with Donation to Homeless Shelters

Michael LaVere
  • Crypto exchange BitFlyer commemorated Bitcoin's Pizza Day by donating pies to local homeless shelters.
  • In 2010, computer programmer Laszlo Hanyecz paid 10,000 BTC for two pizzas. 

Cryptocurrency exchange BitFlyer commemorated the infamous Bitcoin Pizza Day by donating pies to a number of homeless shelter organizations. 

In 2010, one year after bitcoin’s initial launch, Bitcointalk.org forum user and programmer Laszlo Hanyecz became recognized as the first person to pay for goods with the cryptocurrency. In a moment that has since been immortalized, Hanyecz paid another forum user 10,000 BTC to have two Papa John’s pizzas delivered to him.

The bitcoin, valued around $41 in 2010, would be worth more than $92 million at today’s prices. 

Cryptocurrency exchange BitFlyer commemorated the ten-year anniversary of the event by ordering pizzas for local homeless shelters. 

BitFlyer chief operating officer Joel Edgerton told Cointelegraph the exchange had coordinated the event with shelter managers. 

He said, 

We ordered the pizzas ourselves from a local chain and delivered them to the homeless shelters. We worked closely with the managers of the shelters to ensure they get the appropriate amount and get there on time.

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