Arthur Hayes, co-founder of BitMEX, forecasts Bitcoin will reach $1 million by 2028 during a speech in Dubai. Despite Bitcoin’s current price volatility at a low, significant trends include declining exchange deposits and rising ETF inflows. Cathie Wood from ARK Invest also sees Bitcoin reaching $1.5 million by 2030, citing increased institutional interest.
Bitcoin’s price volatility has hit a low not witnessed in over 18 months, yet a bold prediction from Arthur Hayes, co-founder of BitMEX, has stolen the spotlight. Speaking at Token2049 in Dubai, he confidently stated, “Don’t worry, Bitcoin is going to $1 million by 2028.” This comes amidst a week where the cryptocurrency’s price has barely budged, with current volatility levels revealed to be the lowest in 563 days, as noted by K33 Research.
The drop in Bitcoin’s volatility has led to some analysts positing that the cryptocurrency is maturing as an asset. Vetle Lunde from K33 explained that Bitcoin’s current rank as the seventh most valuable asset worldwide, boasting a market cap of approximately $1.87 trillion, eclipses major players like Meta and Silver. This shows a substantial shift in how investors view Bitcoin, moving past its previous wild price swings.
Analysts from Bitfinex have also observed a worrying trend: a decline in exchange deposits. This likely means that investors are opting to store their coins long-term rather than trading them actively. Bitfinex’s research team suggested that this behaviour—reduced selling pressure coupled with a rise in custody trends—might hint at an upcoming supply squeeze, indicating growing conviction in Bitcoin’s long-term viability.
In addition, a recent increase in Bitcoin ETF activity could further boost market confidence. BlackRock’s IBIT ETF recently saw an eye-popping $970 million influx in just one day, marking its second-highest achievement since launch. Additionally, Hayes hinted at possible U.S. Treasury buybacks being a significant factor, calling it the potential “last chance” to buy Bitcoin for under $100K. This could shift more capital towards hard assets, igniting a run that Hayes believes could culminate in Bitcoin reaching $1 million.
Hayes isn’t alone in his bullish projection. Cathie Wood from ARK Invest has similarly stated that the chances of Bitcoin hitting $1.5 million by 2030 are increasing, attributed to rising institutional investment. “Many institutional investors are now looking at Bitcoin, thinking they need to add it to their asset allocation,” she said. ARK’s forecasts project a remarkable 58% compound annual growth rate to reach those lofty heights by the end of the decade.
As it stands, Bitcoin is trading at around $94,152.
Bitcoin’s recent trends and expert predictions suggest a significant transformation in how the cryptocurrency is perceived and potentially, how it might perform in the coming years.
