HomeNewsBitcoin's Stratospheric Ascent: BitMEX Founder Arthur Hayes Anticipates $760,000 Price Milestone

Bitcoin’s Stratospheric Ascent: BitMEX Founder Arthur Hayes Anticipates $760,000 Price Milestone

- Advertisement -
  • BitMEX founder Arthur Hayes envisages Bitcoin becoming the preferred currency for AI-driven economies, possibly reaching a remarkable $760,000 in value.
  • Hayes’ prediction is based on an anticipated explosion of AI technology, which will necessitate a digital, censorship-resistant, and provably scarce currency like Bitcoin.

Arthur Hayes, the founding mastermind behind BitMEX, has proposed a provocative and groundbreaking scenario in which Bitcoin soars in value in the burgeoning era of artificial intelligence (AI). Hayes, a respected figure in the crypto world, explores the potential symbiotic relationship between Bitcoin and AI in his recent blog post, “Massa.”

In his argument, Hayes suggests that the rise of AI could liberate individuals from mundane work, sparking a revival in arts and culture. He lauds AI’s potential to remove “tedious, bullshit work,” thus allowing humans to pursue their passions more freely.

Hayes’s Vision: Bitcoin in an AI-Dominated World

- Advertisement -

Hayes acknowledges AI’s exponential growth, highlighting the startling adoption of ChatGPT, which amassed an impressive 100 million active users in merely two months. In this vein, he suggests we are nearing a pivot point where AI could become mainstream and fundamentally alter our daily lives.

His narrative then shifts to the future interaction of Bitcoin and AI. Hayes champions a future-proof, digital payments system that is resistant to censorship and operates under clear, transparent rules. He identifies Bitcoin as the optimal choice in this regard, being intrinsically digital, censorship-resistant, and provably scarce.

According to Hayes, these attributes make Bitcoin the logical currency for any AI, and its intrinsic value entirely depends on electricity costs. He further extrapolates that Bitcoin could become the standard currency for economic actions executed by AIs.

- Advertisement -

A key factor in his prediction is the potential increase in on-chain transaction volumes. Hayes posits that as the AI and Bitcoin narrative becomes mainstream, the surge in transactions could propel Bitcoin prices to staggering heights.

>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with BTC now. Visit Website <<

However, he stresses that market sentiment and narrative hold significant influence, stating that major profits are reaped when the market price moves from ‘impossible’ to ‘potentially possible.’ He views the Bitcoin network’s value as a bet on the future volume of transactions that will occur.

Hayes goes into the specifics of his prediction, explaining his method for calculating possible Bitcoin values. He arrived at three scenarios: low (8x), median (23x), and mania (172x), assuming that the velocity of Bitcoin transactions will match the total GDP amount.

His analysis forecasts that if the AI economy represents 5% of the total economy, Bitcoin could reach $47,260 in the median scenario and a dizzying $152,589 in a mania scenario. If AI accounts for 30% of the economy, his predictions rise to $128,561 and $760,591, respectively, under the median and mania scenarios.

At the time of writing, Bitcoin is trading at $30,141. Only time will reveal the accuracy of Hayes’s audacious prediction in an economy increasingly influenced by AI.

 

Best Crypto Exchange for Everyone:

  • Invest in Bitcoin (BTC) and 70+ cryptocurrencies and 3,000+ other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started

 

- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
RELATED ARTICLES
- Advertisment -spot_img

LATEST ARTICLES