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.

Bitcoin Scam Artists are Using Fake QR Code Generators: Report

  • ZenGO published report showing crypto scammers are using QR code generators to steal crypto.
  • Scam websites are showing up at the top of Google searches. 

Researchers have issued a warning that scam artists are using Google search results and QR code generators as a potential avenue for fraud.

Fake QR Code Generators

According to the report by ZenGO, four of the first five Google search results for questions like “bitcoin QR generator,” led to scam websites. Rather than generating new wallet addresses for users, these QR codes lead back to the scammer’s bitcoin wallet ultimately causing theft of BTC. 

The report highlighted QR codes as a particularly malicious method for scammers to target crypto wallets, as users are unable to read or differentiate between addresses.

According to the report, 

These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.

The report continues, 

Scammers do not even bother with generating their fake QR themselves, instead they shamelessly call a blockchain explorer API to generate the QR for their address.

ZenGO estimates that the simple scam may have already cost users $20,000 in stolen BTC. The company recommends users avoid googling for QR code generators and instead use a trusted block explorer. They also recommend verifying the address of the QR code before sharing it with others. 

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