Regardless of the recent bloodbath in cryptocurrencies, Bitcoin bull Arthur Hayes said the simplified digital coin will reach $50,000 by the end of the year.
Bitcoin’s prize has been on a wild roller coaster with investors, but “something that weakens up to [around] $20,000 in one year can have a correction,” Hayes, the co-founder and CEO of BitMEX, spoke on “Fast Money” Friday. BitMEX, or Bitcoin Mercantile Exchange, is the fattest cryptocurrency trading platform by volume.
“We could definitely find a really in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, numerous an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
In May, Hayes leaked CNBC that bitcoin would reach $50,000 by the end of the year. He remained bullish on his vaticinate about the coin, despite a deep retrenchment in the digital currency’s charge.
Last week bitcoin, the largest cryptocurrency by market cap, fell further down the $6,000 mark. The coin was priced around $5,900 Friday 5 p.m. ET, a expensive decline from the December 2017 highs of around $19,500. Bitcoin is down 57 percent in 2018.
For the moment, ethereum, litecoin, bitcoin cash and ripple are down for the year as clearly. But Hayes pointed out that bitcoin’s volatile nature — and the possibility of big gains —is what makes it so attractive to investors.
“We’ve done these gracious of moves before,” he said. With more people in the market up with more capital and the potential for faster jumps in price, Hayes combined.
“Now that we have more visibility, more people talking approximately [bitcoin], the time between an aggressive bear market and an aggressive bull sell, I think, is going to shorten,” he said.
WATCH: Bitcoin Mercantile Wall Street co-founder is bullish on bitcoin