Arthur Hayes, the CEO of BitMEX–an online trading platform that gives users access to the capital markets via Bitcoin, made a bold prediction in May that the price of the cryptocurrency would reach the $50,000 mark before the end of 2018.
Currently, the price of Bitcoin is hovering around the $6,000 mark, but Hayes is not pumping the brakes on his prediction.
Related: If Apple Won’t Innovate Beyond Hardware, Why Not Buy Nvidia or Netflix?
After dipping below the $6,000 mark, Bitcoin was propped up last weekend, rising to a high of $6.465.51 before paring its gains to $6,331.60 on Sunday morning.
Could this be the start of a raging bull trend towards the astronomical $50,000 price market Hayes is alluding to?
“I think that something that goes up to $20,000 in one year can have a correction down to about $6,000,” said Hayes. “I think we can definitely find a bottom within the $3,000 to $5,000 range, but we’re one positive regulatory decision away–maybe an ETF approved by the SEC to climb it through $20,000 or even $50,000 by the end of the year.”
To watch the full interview with Hayes, click the video below:
For more investment solutions, visit the Advisor Solutions Channel.