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Arthur Hayes Says Bitcoin Will Reach $1M

ByLouis Adams

Mar 21, 2022 #Bitcoin
Reading time: < 1 minute

Crypto exchange BitMEX founder Arthur Hayes believes BTC will be traded in the region of $1 million in the long term.

He has recently published an article in which he has announced an increase in demand for both crypto and gold. According to him, the cost of a troy ounce of the precious metal will rise to $10,000. Along with this asset, Bitcoin will also rise in price.

Fiat currencies are losing their appeal among investors. The demand for alternative instruments is growing.

We are entering a phase that will result in the transfer of capital from fiat currencies to precious metals and BTC. Bitcoin in this regard even looks like a more convenient tool than gold. Metal needs to be transported and stored in special facilities, while cryptocurrency can be moved with minimal cost.

The founder of BitMEX has emphasized that in the end, banks will abandon gold and begin to massively switch to BTC, and this process has already started.