- The founder of the BitMEX cryptocurrency exchange Arthur Hayes makes a bullish prediction for the price of Bitcoin.
- Hayes is convinced that artificial intelligence will intersect with crypto, and result in Bitcoin potentially surging past $700,000.
Arthur Hayes, the founder of leading cryptocurrency exchange BitMEX, detailed his thoughts on the future of Artificial intelligence and how it could intersect with Bitcoin (BTC) and the entire cryptocurrency community.
Not only does Hayes believe that Artificial Intelligence will have a significant impact on the cryptocurrency industry, the BitMEX boss is convinced that Bitcoin will benefit from this impact. In the long term, Hayes sees Bitcoin (BTC) hitting a whopping $760,000 price level as a result.
According to Hayes, the value of the Bitcoin network is a massive bet on the future amount of transactions that will be recorded on the Bitcoin network.
Bitcoin Will be the Currency of AIs, Hayes asserted, explaining that the asset unseats gold and fiat currency, due to its limited supply. “If enough people believe in a truly stupendous future where AIs dominate the global economy and use Bitcoin as their currency, then the general market will overpay for growth well before that eventuality.” He added.
He further broke down his approach to his $760,000 Bitcoin price prediction, explaining how historically price events influenced his sentiments around Bitcoin. Hayes wrote;
To get a sense of what is possible, I looked at the past multiples starting in 2015. I took the daily value of BTC transfers on the network excluding change returned to the sender. I then looked back at the past 365-day median to get a value that isn’t influenced by very high or low daily values. Finally, I divided the current day’s Bitcoin market cap by the daily median value to arrive at the forward multiple.
Here’s why Hayes believes Bitcoin (BTC) can hit $760,591
Hayes created low, median, and mania estimations, and assumed that the velocity of Bitcoin transactions will tally with the total amount of GDP AIs captured.
According to his estimations, if the size of the AI economy increases by 5 percent, the price of Bitcoin will surge by $47,260. If the AI economy increases by 10% or 30 percent, Bitcoin will surge to $274,197 or a whopping $760,591, Hayes asserted.
The market is also likely to overpay for the Bitcoin network growth if it is convinced that these case scenarios will come to fruition. In fact, Hayes believes that market players are poised to make the most money when the price of Bitcoin adjusts from “can never happen” to “maybe could happen.”
Conclusively, Hayes urges Bitcoin holders to take his prediction seriously, while adding that although he is uncertain what the future of AI looks like, he plans to jump on the narrative hype wagon and profit from it.
At the time of this report, Bitcoin is currently trading at a price of $30,179. This comes not long after the asset hit a daily high of $30,434. The apex cryptocurrency is currently in the red zone, alongside other altcoins.
