Hayes Predicts $1M Bitcoin as Saylor’s Influence Fades

Arthur Hayes, co-founder of BitMEX and chief of Maelstrom, recently critiqued Michael Saylor’s influence in the Bitcoin space during a 30-minute interview with Crypto Wendy O. Hayes argued that Saylor’s time as a key institutional figure has passed, noting that investors once relied on Strategy (MicroStrategy) due to limited options like spot purchases and ETFs. With more accessible crypto products now available, Hayes questioned the necessity of Saylor’s approach, calling it "corporate finance games." Despite the criticism, Hayes acknowledged Saylor’s intelligence but suggested his methods would struggle without a persistent bid from investors.

Hayes also highlighted Strategy’s continued selling, referencing its Bitcoin Monetization Program, which allows selling up to $1.25 billion in Bitcoin. He contrasted this with the growing importance of ETF inflows, stating that Saylor’s relevance has diminished. Hayes further described Saylor’s style as "chicanery" and a "PT Barnum" circus, echoing previous warnings against relying on Saylor as a safety net.

When asked about Bitcoin’s future price, Hayes confidently predicted it would hit $1 million but provided no timeline or supporting data. At the time of the interview, Bitcoin was trading near $85,300, about 32% below its record high of $126,199 set a year earlier. Hayes also expressed skepticism about memecoin traders and compared the stock market to a bigger Ponzi scheme than crypto. He concluded that Bitcoin’s price is now driven by ETFs, not Saylor’s actions.