Hayes Sees $70,000 Bitcoin if Trump Budget Plans Stall

Crypto veteran Arthur Hayes warns that Bitcoin's price could plummet to $70,000 if Trump's budget plans falter.

Hayes, founder of BitMEX, believes that the near-term trajectory of Bitcoin is heavily influenced by U.S. political developments.

In a recent X post, Hayes told investors to 'chill out, retrace and wait' for now, as he expects market volatility to continue.

If Trump fails to pass his budget plans, which include increased spending and debt ceiling hikes, Hayes predicts that Bitcoin's price could drop to levels seen pre-election day victory, between $75,000 to $70,000.

This, according to Hayes, would be a test of how strong Trump's hold is on the Republican party.