Arthur Hayes, a co-founder of BitMEX exchange, believes the global financial system is undergoing a major shift that could propel the price of Bitcoin (BTC) towards $1 million. According to Hayes, intensified trade tensions between the US and China are causing long-term economic norms to collapse, opening new doors towards neutral assets like Bitcoin. Hayes tweeted on April 5 that the USDCNY exchange rate could reach 10.00 due to China’s reluctance to change its economic direction to satisfy US requests. He stated that this situation is what Bitcoin needs for a rapid surge towards $1 million. Hayes further mentioned that the current tariff war could weaken the global role of US bonds and stocks. Some countries may even start selling off their dollar reserves to protect their economies. In this environment, Hayes emphasized the role of assets independent of any specific government. He believes that while gold has always been considered a safe haven, it will resurface. However, in a new world defined by decentralization and reduced trust in traditional power structures, Bitcoin can be more appealing than gold. Jeff Park, a Bitwise analyst, also believes that economic instability resulting from trade wars will prompt governments to adopt inflationary monetary policies, further weakening currencies and leading to a global flight to alternative assets like Bitcoin.
