Bitcoin believers remain confident that in the long-term, the pioneer crypto will skyrocket despite current market troubles.
In what he calls “the doom loop,” Hayes predicts that Western economies, particularly the EU will collapse.
The bloc will become unsustainable for several reasons including their sanctioning of Russia, their major source of fossil fuel used for generation.
Notably, Hayes’ outlook will benefit gold as well.
Hayes’ expectation for the price of Bitcoin resonates strongly with those of other analysts.
At the moment, however, the pioneer cryptocurrency has to swing wildly in price.
Several analysts including Arthur Hayes currently hold bearish short-term outlooks for Bitcoin due to the Fed’s tightening of monetary policy.