BitMEX co-founder, Arthur Hayes, is doubling down on Bitcoin BTC/USD, anticipating its market dominance to surge to 70% amid economic uncertainties.
What Happened: In a post on X, Hayes revealed his ongoing Bitcoin accumulation, expressing his confidence in its growing dominance over other cryptocurrencies. He stated, “Been nibbling on $BTC all day, and shall continue. Shitcoins are getting in our strike zone but I think Bitcoin dominance keeps zooming towards 70%.” Hayes is steering clear of heavy investment in lower-value, high-risk cryptocurrencies, despite their attractive prices.
In another post on X on Tuesday, he also hinted at the potential impact of China’s response to America’s trade tariffs, suggesting it could trigger capital flight to Bitcoin. Hayes stated that if China's central bank devalues the yuan, the prevailing narrative is that capital outflows from China could move into Bitcoin. He noted that this strategy “worked in 2013, 2015, and can work in 2025."
SEE ALSO: Mark Cuban Warns Of A Crisis ‘Far Worse’ Than 2008 If Trump’s Tariff Turmoil And Elon Musk’s DOGE Moves Continue
Why It Matters: Hayes’ bullish stance on Bitcoin aligns with his earlier prediction that Bitcoin could reach $250,000 by the end of 2025, citing the Federal Reserve’s shift towards purchasing more U.S. Treasury bonds as a catalyst for a new Bitcoin bull cycle.
His views are also echoed by Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, who recently noted Bitcoin’s dual identity as a high-growth tech stock and a hedge against financial uncertainty.
Hayes’ comments also come in the wake of a market sell-off following President Donald Trump‘s announcement of broad tariffs, which saw Bitcoin drop below $75,000. Bitcoin’s price fell below $79,000 on Monday, marking a drop of over 15% since the start of the year and significantly below its January all-time high of $109,114.88. The decline is driven by President Trump's broad tariff threats against China and rising recession concerns from major Wall Street figures.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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