• In a newsletter to Bitmex’s customers, CEO Arthur Hayes said that 2019 "will be boring" for the most part but will pick up towards the end.
  • He stated that as the central bankers keep mismanaging their money, Bitcoin’s price will chart $10,000.

Arthur Hayes, Bitmex CEO, predicted that Bitcoin’s price will reach $10,000 by year end in a newsletter to the company’s customers. He started off by stating that 2019 will pick up towards the end:

“2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money.

They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy.”

He then said that Bitcoin’s price is tied to the action of the Fed and PBoC:

“The Fed couldn’t stomach a 20% correction in the SPX. In the recent Fed minutes, the dot plot now shows now [sic] rate increases for the rest of 2019. The Fed will start reinvesting its runoff in the third quarter. We are only a hop, skip, and a jump away from an expanding Fed balance sheet.

Beijing knows China must rebalance its economy away from credit-fueled fixed asset investment. However, Xi must not have the political cojones to push this sort of painful change through. Therefore, the PBOC said ‘f**k it’ to any attempt to reign in credit growth. The two most important central banks are creepin’ back into a super easy credit regime.”

He concluded that Bitcoin will go up to $10,000 as the central bankers will keep mismanaging their money:

“Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together.

The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP