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The outspoken CEO of the cryptocurrency exchange BitMEX is back with a fresh set of BTC predictions for the Bitcoin price and the global economy.
In a new edition of his Crypto Trader Digest, Arthur Hayes says the US government can print enough money to initially weather fallout from the coronavirus.
However, due in part to sinking demand for foreign goods and heavy hoarding of cash from American banks, he believes the US dollar will not flow to the businesses and nations that need it most – triggering a widespread fallout that will “destroy the global economy.”
“The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like.”
Hayes says Bitcoin (BTC) stands to benefit, especially if the US decides to digitize the dollar.
“All I know is the setup for Bitcoin, the hardest form of digital money, could not be better. All manners of trust have evaporated. In order to solve for demand and supply destruction, governments will embark on the greatest fiscal stimulus binge the world has ever seen. It will not be paid for by tax receipts, it can’t be because 30% of the population is out of a job, it will be paid for by the printing press.
The kicker is that, in order to hand money directly to the people, governments will have to digitize their currencies. That will educate the populace on digital money. Once they understand fiat digital money, they will seek out the hard version to avert the ravages of inflation. If you believed that Libra could educate the masses on the joys of digital currencies, just imagine when everyone on Basic spends their food stamps via a mobile app.”
In the short term, Hayes says he expects global markets to take another beating and the S&P 500 to once again test 2,000.
Alongside traditional markets, Hayes predicts the BTC price could easily crash to $3,000. He warns traders to buy the dip at their peril.
Although Hayes says he’s uncertain on the timing of his predictions, he expects a huge Bitcoin rally will happen this year that brings the leading cryptocurrency back to its all-time high.
“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancient regime. My end of 2020 price target remains $20,000.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.