BitMEX CEO Arthur Hayes says BTC could drop to $2,000

02 Nov, 2018
by Joeri Cant
News
BitMEX CEO Arthur Hayes says BTC could drop to $2,000

In the latest Crypto Trader Digest, Bitmex CEO Arthur Hayes, a Wall Street veteran and once one of the industry's biggest Bitcoin bulls, predicts that Bitcoin could potentially drop as low as $2,000.

Hayes seems to point to the decline in Bitcoin volatility as the main reason for his bearish prediction.

'Contrary to popular belief, Bitcoin requires volatility if it is ever to gain mainstream adoption.'

'The price of Bitcoin is the best and most transparent way to communicate the health of the ecosystem. It advertises to the world that something is happening--whether that is positive or negative is irrelevant', he said.

Hayes further asks himself how low Bitcoin can go?

'A 75% fall from $9,152 takes us close to $2,000. $2,000 to $3,000 is my new sweet spot'.

However, before any of us start to feel nauseated, it is important to point out, that less then 6 months ago, Hayes predicted on CNBCs Fast Money, that the bitcoin price could reach $50,000 in 2018.

I think in this case we better listen to Twitter user Mike Dudas.

What do you think? Should we pay attention his predictions? let us know in the poll.

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Read more about: Bitcoin (BTC)

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