Arthur Hayes, the co-founder and CEO of BitMEX, the bitcoin mercantile exchange, recently shared his bullish take on the bitcoin price, which he thinks will reach $50,000 by the end of this year.
While bitcoin price has seen its value rebound, now at $8,800, it still is a far cry from the level of Hayes’ projection. Though as Fundstrat market strategists have stressed, majority of the gains in the bitcoin price have a tendency to unfold over just a handful of days each year.
Even at the start of the new year, when the bitcoin price was trading at a sluggish rate, Hayes wasn’t at all fazed, though he pointed out “it’s [his] job to make predictions” whether or not they come to fruition.
Hayes, a Citigroup alum, said that he is a volatility trader, and he makes profit on the unpredictability in the bitcoin price, which there has been no shortage of year-to-date.
“If it goes up, if it goes down, if you have Bill Gates calling it a fraud … Short it, I don’t care. If you think it’s going to be $1 million in a few months, great, buy it. I still don’t care. We just match trades,” Hayes said in a report on CNBC.
Asia-focused BitMEX is designed to serve retail investors but instead of spot trading, it has some of the innovative features that you might expect to see on an institutional trading platform. This includes derivatives, margin trading and up to 100x leverage. The exchange supports short trading in perpetual contracts.
Hayes also tackled the cultural differences that impact cryptocurrency market dynamics in the Western world and Asia.
“I think Asia dominates crypto because they’re very used to trading digital assets,” stated Hayes, pointing to South Korea, where locals are used to trading virtual goods in video games and where the culture is easily transferred to cryptocurrency trading.
“There’s really not too much institutional presence right now in crypto. It is a retail phenomenon,” Hayes said.
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