The co-founder of crypto exchange BitMEX has forecast that SegWit BTC coin will rise to $50,000 by the end of the year, despite current prices languishing around $6,000.
Arthur Hayes, a notorious BTC bull, made the outlandish claim, while saying that the coin was known to be volatile and had moved significantly in price before. But given that his BitMEX exchange is the largest crypto trading exchange by volume, and some have suggested his unusually bullish view is unsurprising, given the nature of the business.
Speaking on CNBC’s Fast Money, Hayes noted that the current bear market was merely a temporary correction, saying, “Something that goes up to $20,000 in one year can have a correction…We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Citing historically high volatility as a benefit for BTC investors, Hayes said an “aggressive” bull market is right around the corner, noting, “Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten.”
Volatility is not necessarily a good thing for a utility token people actually used, like Bitcoin Cash (BCH) in the case of payments, for example. But ideally, more stable pricing comes with mass adoption, rather than waning interest, as has been the case with the BTC coin over the last few months.
Bitcoin BCH advocates recognize that cryptocurrency is more than a Ponzi scheme, a speculative HODL in the hope of finding anyone stupid enough to buy at a higher price. Instead, it offers an effective solution to real world problems, providing a stable, technologically sound basis for mass payments, versus the merely speculative BTC coin.
It remains to be seen whether Hayes’ projections can be taken seriously, particularly for a coin with no utility like BTC. At the moment, the evidence in support of the hype seems slim. At the time of writing, BTC coin was sitting at around just $6,500.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.