The growth of U.S. public debt continues to be one of the strongest narratives for investors seeking protection in Bitcoin.
Cryptocurrency billionaire, Arthur Hayes/YouTube-Unchained.
Arthur Hayes, founder of the BitMex exchange, believes that Bitcoin will reach $1 million by 2028. Famous for his market analyses, the billionaire explained his thoughts during the Token2049 conference, which is being held between this Wednesday and Thursday in Dubai.
Earlier, Hayes pointed out that Bitcoin would drop to $70,000 in the first quarter of 2025. Although it did not reach that specific number, the cryptocurrency hit $74,400 in early April.
At the time of this writing, Bitcoin is trading at $94,110 and is set to close the month up 14%. This is the best monthly performance of Bitcoin since November of last year.
Founder of BitMex believes that Bitcoin will reach $1 million in the next three years
Although there are no videos of Arthur Hayes at the Token2049 conference, some participants took photos of important moments from the billionaire's presentation. The highlight, obviously, is his price prediction.
"Don't worry, Bitcoin will reach $1 million by 2028."
Your argument is that Bitcoin rises whenever the U.S. government prints money. As an example, you mentioned that the cryptocurrency appreciated 6 times between 2022 and 2025.
For the next three years, Hayes believes that Bitcoin will perform similarly, if not better, due to the increase in U.S. public debt.
Community captures the moment when Arthur Hayes says Bitcoin will reach $1 million. Source: X/Reproduction.
Last week, the billionaire had already stated that Bitcoin would reach $200,000 by the end of this year. Just like at Token2049, Hayes cited the Fed's Treasury bond buyback program as justification.
Another point mentioned in his speech was the growth of public debt, currently expected to close the year 22% above the numbers for 2024.
Your argument is that not even the DOGE (Department of Government Efficiency), led by Elon Musk, will be able to save the U.S. economy.
Stating that the U.S. Treasury will continue to issue debt securities, Hayes points out that private savings and the financial system cannot finance this. Foreign sovereign funds and the Fed itself are interested in this financing.
"Relative value hedge funds (RV) will finance this," pointed out Hayes. "As the marginal buyer uses leverage created by the banking system, dollar liquidity increases."
Other famous names agree with this forecast, but on different dates. Robert Kiyosaki, for example, believes that Bitcoin will reach $1 million by 2035, the same goes for artificial intelligences like DeepSeek, ChatGPT, and Meta AI.