According to BitMEX co-founder Arthur Hayes, bitcoin will strengthen its position in the global financial system as the U.S. dollar weakens.
In the medium term, BTC could become the world’s reserve currency. More and more investors are looking at bitcoin as a means to preserve capital.
The use of the dollar in the global economy has declined over the past year.
Asian and Latin American countries are concluding agreements with China and India on mutual settlements in national currencies.
Arthur Hays predicts that the Federal Reserve and the US government will try to preserve the dominant position of the US currency, but they will not be able to stop the process of its weakening.
In parallel, there is an active acceptance of bitcoin. It is becoming not only a means of capital accumulation, but also a payment instrument, stressed the co-founder of BitMEX.
At the end of March, Hayes said that BTC will soar to $1 million. The global financial crisis undermines investors’ confidence in the traditional banking system and forces them to look for alternative instruments to hedge risks.
It is this factor that creates the conditions for an increase in the value of the leading cryptocurrency.