Hayes Predicts $1M Bitcoin, Favors Ethereum for Short-Term Gains

Arthur Hayes, co-founder of BitMEX, is predicting that Bitcoin could reach $1 million by 2030. However, despite his bullish outlook on Bitcoin's long-term prospects, Hayes believes Ethereum currently offers a better risk-reward profile among major crypto assets.

Hayes cited several potential catalysts for Bitcoin's growth, including a possible unwind of the AI boom, large-scale monetary expansion, and potential U.S. yield curve control. He also mentioned that Bitcoin may have already found its cycle bottom near $58,000 and expects it to move higher from there.

Despite his aggressive Bitcoin forecast, Hayes believes Ethereum is currently his top crypto pick for new capital. He called ETH his 'number one pick' due to its potential for a 3x to 5x increase in value relatively quickly, largely because he sees the asset as heavily overlooked compared with other major cryptocurrencies.

Hayes' reasoning is based on Ethereum's position as the foundation for much of decentralized finance and its current undervaluation. He believes that if investor attention rotates towards ETH, the resulting move could be substantially larger than Bitcoin's.