Arthur Hayes, former CEO of BitMEX, has reaffirmed his bold prediction: Bitcoin could soar to a million dollars in the next three years.
In a post published on May 15 on his blog, Hayes argues that two key factors are the repatriation of foreign capital and the gradual devaluation of U.S. Treasury bonds. According to Hayes, these factors will act as catalysts to drive the price of BTC to seven figures "between now and 2028."
The former executive argues that the growing pressure from capital controls, especially in Europe, along with distrust toward traditional monetary policies, is generating an urgent search for digital sovereign assets like Bitcoin.
"Not even China has banned private ownership of BTC because it knows it is counterproductive and impossible." Hayes wrote, in a direct message to Europeans: "Get your money out now!"
Despite his projection implying an increase of more than 900%, Hayes argues that political and economic instability could drastically accelerate changes in the financial landscape. He also points to the uncertainty of the upcoming presidential elections in the United States as a possible turning point.
Jim Chanos changes his stance: sells Strategy shares and bets directly on Bitcoin.
The renowned short seller Jim Chanos, who in the past was a fierce critic of cryptocurrencies, surprised the market with a new strategy: short selling Strategy's shares and buying Bitcoin directly.
During the Sohn Investment Conference in New York, Chanos explained to CNBC that his decision is based on what he considers a clear price mismatch. "It's like buying something for $1 and selling something for $2.50," he stated. Referring to what he sees as an overvaluation of Strategy's shares compared to the real value of the bitcoins it holds.
According to Chanos, companies such as Strategy are "selling the idea of having Bitcoin through a corporate structure" to obtain a market premium, something he called "ridiculous." In his view, retail investors are overpaying for indirect exposure to the asset, artificially inflating the value of the shares.
Chanos's strategy raises doubts about the sustainability of this model. Although he acknowledges that his operation also represents a criticism of retail speculation, he warns that the risks are high: so far in 2024, short sellers have lost about $3.3 billion betting against Strategy, whose stock price has risen 1,500% since it began buying Bitcoin in 2020.
Ark Invest buys eToro shares after its debut on Nasdaq and strengthens its bet on crypto fintechs.
The investment firm Ark Invest, led by Cathie Wood, acquired 140,000 shares of eToro for $9.4 million for its Fintech Innovation ETF (ARKF), on the same day that the cryptocurrency and stock trading platform debuted on Nasdaq under the symbol ETOR.
The interest was immediate: eToro's shares closed their first day up 29%, reaching $67 against an initial price of $52. This reflects strong demand in its initial public offering (IPO). This move marks eToro's return to public markets after having suspended a previous IPO due to volatility caused by tariffs pushed by the Trump administration.
Ark had already shown a similar strategy in 2021 when it bought 750,000 shares of Coinbase during its IPO. In the case of eToro, the investment represents 0.93% of the ARKW fund, where it ranks number 33. Compared to heavyweights like Shopify (9.9%), Coinbase (9.7%), and Robinhood (7.4%).
Coinbase refuses to pay $20 million ransom after attack and offers reward for criminals.
Coinbase revealed that a small group of external support contractors was bribed by cybercriminals to access internal tools and extract customer data. The incident affected "less than 1%" of its monthly active users. This did not compromise passwords, private keys, or funds, according to the company.
We will pursue the harshest penalties possible and will not pay the $20 million ransom demand we received. Instead, we are establishing a $20 million reward fund for information leading to the arrest and conviction of the criminals responsible for this attack.
— Coinbase 🛡️
The attackers demanded $20 million in exchange for silence, but the exchange rejected the blackmail and announced the creation of a reward fund for the same amount for anyone providing information that leads to the arrest and conviction of those responsible.
The filtered data includes names, addresses, phone numbers, parts of Social Security numbers, partial banking details, and account captures. The attackers' goal was to contact users pretending to be Coinbase to steal cryptocurrencies through social engineering.
Coinbase assured that it will compensate those affected and has already strengthened security with new verifications, real-time alerts, and a support center in the United States. It has also referred the case to local and international authorities and is working with blockchain analysis firms to trace and freeze the stolen funds.
