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Bitcoin BTC/USD might hit a $1 million price tag amid escalating geopolitical tensions and persistent inflation, says former BitMEX CEOArthur Hayes.
According to aCointelegraph report, Hayes voiced his predictions in a blog post titled The Periphery published on Oct. 24.
Hayes believes that the ongoing wars, in which the U.S is increasingly involved, coupled with the stagnation of interest rate hikes bythe Federal Reserve, create a trigger moment for Bitcoin.
"Once everyone realises the game we are playing, the Bitcoin and crypto bull market will be in full swing. This is the trigger, and it's time to start rotating out of short-term US Treasury bills and into crypto, he wrote.
The blog post also pointed out that Bitcoin, along with gold, startedrallying against a backdrop ofa strong selloff in long-end U.S. Treasuries following President Joe Bidens speechon the Ukraine and Israelwar.
See Also:Bitcoin, Ethereum, Dogecoin Stay In Green As BlackRocks Spot ETF Reappears On DTCC Website, Analyst Says4-8% BTC Dips Are Entries Towards $38K
This surge in Bitcoins value is not due to speculation about an ETF approval, but rather a reflection of a forthcoming very inflationary global world warsituation, according to the post.
The blog post suggests that a $1 million BTC price tag is still feasible, reinforced by the concept of yield curve control (YCC), anultimate move in controlled economicsalready starting to emerge in Japan.
As of now, Bitcoin has surged27% this October and over100% year-to-date, asper data from monitoring resourceCoinGlass.
Hayes has gained notoriety for his predictions on global economics in the aftermath of COVID-19 and the subsequent inflationary eras.
Read Next:Bitcoin Skyrockets To $34K On BlackRock News, Ethereum, Dogecoin Follow: Analyst Says $42K Easy Target For King Crypto
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