In a whirlwind of speculation and prediction, Arthur Hayes, the co-founder of BitMEX, has thrown the cryptocurrency world into a frenzy with his bold assertion that Bitcoin could soar to an eye-watering $15 million per coin. Speaking from the annual economic symposium in Jackson Hole, Wyoming, Hayes tied his forecast to the future of the Federal Reserve and its current chair, Jerome Powell. According to Hayes, Bitcoin’s meteoric rise hinges on a shift in U.S. monetary policy, which he believes is inevitable once Powell is out of the picture.
The Fed’s Influence on Bitcoin’s Trajectory
Hayes, known for his incisive macroeconomic analysis, posits that the Federal Reserve’s current path is merely delaying an unavoidable return to aggressive money creation. “Supposedly Powell is this Volcker 2.0,” Hayes remarked, referencing the former Fed chair known for high interest rates. Yet, he suggested that Powell might resist political pressures to cut rates, even under a potential Trump administration. “What a better way to prove that you are an independent monetary actor than to say no, I’m sticking with my guns,” he quipped during the interview with CoinFund’s Chris Perkins.
But here’s the catch: Hayes argues that the Fed’s hands-off stance will only hold until Powell is replaced or overruled, paving the way for a policy shift that could flood the market with liquidity. This, he claims, would be bullish for Bitcoin, as new economic strategies could drive a massive influx of capital into the crypto sphere. As explored in Bitcoin won’t be ‘priced in’ until Trump announces new Fed chair, the appointment of a new Fed chair could significantly impact Bitcoin’s valuation.
Stablecoins as a Game Changer
In a particularly intriguing twist, Hayes elaborated on what he sees as a potential game-changer: the weaponization of stablecoins. He envisions a scenario where the U.S. Treasury pulls trillions from the offshore eurodollar system into on-chain dollar stablecoins. By doing so, the Treasury could exert unparalleled control over the economy, bypassing traditional Fed mechanisms.
“The Treasury can place bills at whatever price it wants, unconstrained by what Powell or whoever his successor does,” Hayes explained, suggesting a future where stablecoins could become a dominant force in global finance. According to Hayes, this move would create a “sink of tens of trillions of dollars” to finance deficits, effectively sidelining the Fed’s influence over monetary policy.
The Path to $15 Million
Hayes’s projections don’t stop at stablecoins. He boldly links Bitcoin’s $15 million potential to the appointment of a new Fed chair—specifically, if economist David Zervos were to assume the role. “If that guy [Zervos] gets in, you know, Bitcoin will be at like 15 million because he’s just going to do yield curve control, you know, printing money, immediate 300 basis point cuts,” Hayes predicted.
While this scenario is not Hayes’s base case, it underscores his belief in an increasingly loose monetary policy that could propel Bitcoin to unprecedented heights. At the same time, Hayes remains pragmatic, acknowledging the speculative nature of these predictions. “I wouldn’t say that just because you’re coming in at 2025 and Bitcoin’s at 120,000 or whatever it is that you’ve missed the boat,” he noted, emphasizing the long-term potential for the cryptocurrency.
Market Reactions and Future Implications
As of today, Bitcoin trades at approximately $113,569, and Hayes’s comments have sparked a mixture of excitement and skepticism across the crypto community. Many investors are left wondering whether such lofty projections could materialize and what implications these predictions might have for the broader financial landscape. For a deeper understanding of potential market movements, see Fading Fed Rate Cut Hopes: Is a Bitcoin Price Drop Next?.
Hayes remains steadfast in his belief that the current trajectory of U.S. monetary policy is unsustainable and that significant changes are on the horizon. “If… Powell… doesn’t talk about cuts at all and market tanks 15–20%, I’ve got some extra cash and I’ll be going shopping,” he remarked, signaling his readiness to capitalize on market fluctuations.
As the global economy continues to evolve, the intersection of cryptocurrency and traditional finance remains a dynamic and unpredictable space. Whether or not Hayes’s predictions come to fruition, his analysis serves as a reminder of the transformative potential of digital currencies in reshaping the financial world.
Source
This article is based on: Bitcoin To $15 Million Possible Once Powell Is Out, Says Arthur Hayes
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
