Hayes Backs Ethereum as Bitcoin Heads for $1 Million Target

Arthur Hayes, co-founder of BitMEX, is known for his bullish views on Bitcoin. In a recent interview, he stated that he believes Bitcoin will reach $1 million by 2030. However, when it comes to short-term profit opportunities, Hayes favors Ethereum over Bitcoin.

Hayes cited the creation of new money by central banks and potential government yield controls as key drivers for Bitcoin's long-term climb. He noted that $58,000 was likely the price floor before the market began moving higher.

Not all analysts share this view. Markus Thielen from 10x Research called a $1 million Bitcoin price by 2030 'mathematically impossible.' According to Thielen, Bitcoin would need to attract trillions of dollars in fresh funds over four years, far exceeding what entered the market over the past 15 years.

Ethereum is Hayes' top pick for quick returns due to its heavily beaten-down price and potential for a significant price recovery. He stated that Ethereum could rise 3x to 5x quickly, making it a more attractive option than tokens like Hyperliquid.