BitMEX co-founder Arthur Hayes thinks the Bitcoin (BTC) and crypto bull markets are just beginning.
In a new interview on Empire, Hayes says that people will allocate funds to the newly approved spot Bitcoin exchange-traded funds (ETFs) via retirement accounts.
The crypto veteran says the retirement account money represents “sticky flows” that will be more resistant to price drops.
“The sales force is just starting around the world, [saying] ‘Hey, put your assets here, we’ll protect you against inflation.’ Obviously, I have my issues with that, but that’s the narrative, it’s working. It’s the best-selling product ever for these ETF providers. They’re going to do more of it, whether it’s Ethereum or Solana or whatever altcoin.
So we’re just getting started. We haven’t even gotten to the fun stuff yet. People are just getting back above water. It’s fun, but it’s the beginning. You maybe made 10x on some shitcoin that you bought and you sold that. Now that shit’s going 1000 times higher. We’re not even there yet.”
Bitcoin is trading at $72,752 at time of writing and is up nearly 2% in the past 24 hours. The top-ranked crypto asset by market cap set a new all-time high of $73,603 early Wednesday morning.
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