Arthur Hayes co-founder for BITMEX is confident that Bitcoin will reach $50,000 by the end of this year. He says that cryptocurrencies are very volatile. Despite the recent cryptocurrency dip, Hayes is positive that by the end of this year it will reach $50,000.
Hayes said that “Something that goes up to [around] $20,000 in one year can have a correction.”
He said “We could definitely find a bottom in the $3,000 to $5,000 range,” and added, “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.”
Last week, Bitcoin went below the $6,000 mark. This is a huge dip from December 2017 at a high of around 19,500. As compared to this, Bitcoin is now down by 57% percent.
And not just Bitcoin, others such as Ethereum, Bitcoin Cash, Litecoin, and Ripple are also down this year. But Hayes continues to be positive and said that despite of the dip, the volatility nature of Bitcoin to make higher returns makes it so attractive to many investors.
Hayes also mentioned that they’ve done this move before, and now more people are in the market, which means more potential for faster growth. “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,” Hayes said.