Arthur Hayes: Even if the US stock market falls, Bitcoin is expected to reach $250,000 by the end of the year

Arthur Hayes, co-founder of BitMEX, reiterated his long-term bullish stance on Bitcoin in his latest blog. He said that the core of Bitcoin pricing lies in "technology + fiat currency liquidity". There are no major changes in the current technical level, and the market mainly trades around the expectation of future fiat currency supply. Hayes believes that if the Federal Reserve really shifts from quantitative tightening (QT) to quantitative easing (QE), then Bitcoin has bottomed out near $76,500. He said that although the US stock market may fall due to tariffs, downward revisions to corporate earnings expectations or weak overseas demand, Bitcoin is still expected to continue to rise and challenge $250,000 by the end of the year. He added that his fund Maelstrom is steadily increasing its positions in BTC and some altcoins, without using leverage, and the operation volume is relatively conservative. The pace of capital deployment will be adjusted according to market judgment. Compared with whether to reach $76,500 or $110,000 first, he prefers to bet on the latter.