Arthur Hayes forecasts $1 million

The price of Bitcoin, the world’s largest cryptocurrency, briefly rose above $62,000 on Friday morning, a significant rally for the cryptocurrency that fell below $50,000 on Monday. This comes as global markets are shaken by concerns about a possible global recession.

Bitcoin’s performance was largely due to better-than-expected US unemployment figures this week, with just 233,000 jobless claims filed last week, according to the US Labor Department, despite economists predicting the number would be higher.

According to the latest data from Coinglass, Bitcoin also saw a transaction volume of at least $91 billion.

Despite Goldman Sachs raising its 2025 U.S. recession forecast to 25% from 15%, many analysts say Monday’s jittery markets may have been an overreaction, with the Fed likely to support the economy with rate cuts next month.

Additionally, cryptocurrency entrepreneur and former BitMEX CEO Arthur Hayes predicts that Bitcoin could rise to as high as $1 million in the current market cycle.

“The price of bitcoin in this cycle is going to go very, very high,” Hayes recently told DL News. “Hundreds of thousands of dollars, maybe $1 million.”

“There’s a lot of debt that needs to be rolled over. We’re entering a period where the global monetary architecture is completely changing,” Hayes said. “We don’t know what’s going to happen, but the people who have made the best of the last 80 years are going to be very resistant to change.”

But Hayes said former President Donald Trump’s bitcoin reserve proposal seemed unlikely. “Even if Trump gets elected, I think it’s almost impossible for that to happen,” he said. “It would take a certain number of people voting for it, and if, you know, it would somehow negatively impact the visibility of the Treasury Department or the Fed or the Treasury market.”