Arthur Hayes Sees Bitcoin at $1 Million and Dismisses Saylor's Influence

Arthur Hayes, co-founder of BitMEX and chief of Maelstrom, recently shared his views on Bitcoin and Michael Saylor's influence in the crypto space. During a 30-minute interview with Crypto Wendy O, Hayes argued that Saylor's Strategy no longer holds the same weight it once did. He noted that institutional investors now have more options, such as ETFs, to gain exposure to Bitcoin, making Saylor's approach less relevant. "Michael Saylor had his time in the sun," Hayes said, adding that Strategy's edge faded once ETFs provided alternative ways to own BTC.

Hayes also criticized Strategy's continued selling, pointing out that the company disclosed a BTC Monetization Program on June 29, allowing it to sell Bitcoin to raise up to $1.25 billion. He contrasted this with the inflows into ETFs, which added $241 million last week. "I care more about inflows into ETFs," Hayes stated, emphasizing that Saylor's actions no longer significantly impact the market.

When asked about Bitcoin's potential to reach $1 million, Hayes responded with a single word: "Yes." At the time of the interview, Bitcoin was trading near $85,300, roughly 32% below its record high of $126,199 set exactly a year earlier. Hayes did not provide a specific timeline for this prediction but expressed skepticism about other market corners, stating that "99.99%" of memecoin traders will continue to lose money.

Hayes concluded by reaffirming that Bitcoin's price is now driven more by ETF inflows than by Saylor's moves. He described Saylor's style as "chicanery" and a "PT Barnum" circus for institutional investors, a theme he had previously raised in May.