Bullish Call: BitMEX Chief Predicts Bitcoin Price to Hit $50,000 in 2018

[felixesteban]

There are numerous bitcoin price predictions floating out there, but when the head of a major bitcoin derivatives exchange shares his forecast, the price prediction has legs.

Arthur Hayes, the co-founder and CEO of Seychelles-based BitMEX, the bitcoin mercantile exchange, has a bullish prediction for the bitcoin price, which he believes will skyrocket to $50,000 by year-end 2018, he told CNBC.

While the bitcoin price has bounced back and is inching closer to the $8,800 level, it’s still a far cry from Hayes’ price prediction. Though as Fundstrat market strategists have pointed out, much of the gains in the bitcoin price tend to unfold over just a handful of days each year.

Even at the start of the new year, when the bitcoin price was trading in the doldrums, Hayes wasn’t phased, though he pointed out “it’s [his] job to make predictions” whether or not they come true.

Hayes, a Citigroup alum, explained that he is a volatility trader, and he makes his money on the volatility in the bitcoin price, which there has been no shortage of year-to-date. “If it goes up, if it goes down, if you have Bill Gates calling it a fraud … Short it, I don’t care. If you think it’s going to be $1 million in a few months, great, buy it. I still don’t care. We just match trades,” Hayes said.

https://www.ccn.com/bullish-call-bitmex-chief-predicts-50000-btc-by-year-end/