BitMEX co-founder Arthur Hayes recently projected that Bitcoin could surge to $250,000 and Ethereum to $10,000 by the end of 2024, highlighting significant growth potential in the cryptocurrency market. Hayes attributed this bullish outlook to the credit expansion driven by former President Trump’s wartime economic strategies, which have indirectly fueled capital inflows into digital assets. Additionally, he noted that stablecoin issuers are increasingly purchasing U.S. Treasury bonds to offset government deficits, reflecting a strategic intersection between traditional finance and crypto markets.
Earlier this year, Hayes had forecasted a more conservative target for Ethereum, anticipating a rise to $5,000 by the end of 2023. His evolving predictions underscore the dynamic nature of crypto valuations amid shifting macroeconomic conditions. Furthermore, Hayes commented on market behavior ahead of the Federal Reserve’s Jackson Hole symposium, suggesting a period of sideways consolidation or slight decline in Bitcoin prices, contingent on Treasury General Account (TGA) liquidity impacts.
Hayes emphasized that if TGA supplementation adversely affects U.S. dollar liquidity, Bitcoin could test a downside range between $90,000 and $95,000. Conversely, if liquidity remains stable, Bitcoin is expected to trade near $100,000 without surpassing its all-time high of $112,000. These insights provide a nuanced perspective on the interplay between monetary policy and crypto market dynamics.