Arthur Hayes: U.S. Banking Crisis to Cause Significant Bitcoin Volatility

According to Cointelegraph, BitMEX co-founder Arthur Hayes predicts that Bitcoin will experience significant volatility in the second half of the year due to the "powder keg" effect caused by the U.S. banking crisis and the growing national debt explosion. 

Hayes made a number of predictions about the current economic outlook and the price of bitcoin on the May 26th episode of the What Bitcoin Did podcast. He expects bitcoin to reach $70,000 by 2024 and pointed to quantitative easing, increased money supply and broader social unrest as the two main drivers of such an event, which could lead to a sharp drop in stock and cryptocurrency prices.

Hayes added that he doesn't see Bitcoin reaching new all-time highs any time this year, "and while I think that's ultimately good for Bitcoin, the ups and downs could be quite volatile. 

In addition, other analysts have commented positively on the bitcoin price in the near term, such as Tommy Honan, head of market analysis at crypto trading platform Swyftx, who believes that resolving the debt issue could "draw traders back into the market and trigger the next big rally in the bitcoin price.