Artur Hayes, the head of the cryptocurrency exchange BitMEX, considers Bitcoin (BTC) could reach $100,000 in thee years. He said that during the Milken Institute Assia Summit in Singapore a few days ago. Bitcoin is currently being traded close to $10,000, a very important level for the digital asset.
Could Bitcoin Hit $100,000?
Everything is possible. Indeed, Bitcoin has surprised investors many times in the past. During an interview with Bloomberg, Hayes talked about digital finance is going to affect traditional equities, bonds and currency trading.
About it, he said many of the practices the cryptocurrency market has will be mimicked in traditional trading. For example, he said that traditional platforms shut on weekends, open and close, and some of them have lunch breaks. However, digital assets trade 24 hours a day 7 days per week.
Amid a growing interest for Libra by regulators around the world, Hayes said that digital currencies are not a threat to sovereign currencies. Moreover, he considers that crypto is good for governments because they can track things better than local currencies.
Bitcoin and other digital assets are based on blockchain technology. Transactions are stored on a network that can be accessed by individuals or regulatory agencies alike, as long as they are public networks. Private blockchains would register users’ activity but only those with permission to it would be able to have a look at the flow of money in that specific network.
Hayes has also talked about Bitcoin reaching new all-time highs. He said that the most popular cryptocurrency will be traded at $100,000 in three years. He has also mentioned that Bitcoin will hit $20,000 in just a year.
Bitcoin is currently being traded around $10,000, after falling for a brief period under that level. $10,000 is a very important psychological price of Bitcoin that played an important role during the last months and years.
Yoni Assia, the CEO and founder of the social investment network eToro, said that Bitcoin could take around a year before reaching new all-time highs. Although he accepts that this is an unpopular opinion, he said the periods between ATHs would take longer than the previous one.
— Yoni Assia (@yoniassia) September 21, 2019
Mr. Hayes was asked about Satoshi Nakamoto, the anonymous creator of Bitcoin. About him, he said that the community will never know who Satoshi Nakamoto is and that he – or they – are already dead.