Former CEO Says Russia Sanctions Will Push Bitcoin Price Towards $1M

Arthur Hayes has written an extensive post explaining how economic sanctions against Russia will result in a new monetary era. In this era, both gold and bitcoin could rise in value as investors turn to hard assets.

The former CEO of Bitmex and co-founder of 100x speak on the recent economic sanctions imposed on Russia. Hayes said there would be a “financial crisis of epic proportions.” He also said that the freezing of Russian assets marks the end of a monetary era.

The post, titled canceled energy, explains how blacklisting Russia would have serious ramifications for the world economy. He says that the 1971 petro/eurodollar system died with the Central Bank of Russia’s confiscation of fiat currency reserves and asserts that a new monetary era is in the making.

And the successor to that monetary era will love bitcoin, which he thinks will hit $1 million. He provides an extensive explanation of how the system has collapsed, talking about the US Treasury market, the printing of the USD, and much more.

Hayes also predicts that gold will hit $10,000. Both bitcoin and gold will be the winners in this new era of finance, he argues. Tangible assets in general will benefit as the world acclimates to this new order.

Analysts have spoken about the effect of economic sanctions on the global market and how they could benefit cryptocurrencies. Still not quite sure how events it will work out, but optimism remains.

The future of Bitcoin under the current circumstances remains unpredictable

Technical signs suggest a potential bitcoin bull runsince the asset seems to remain above the $40,000 level. However, it has been a turbulent few months for the asset and the market in general, so it remains to be seen how things will change as the full impact of the sanctions hits the global economy.

There is now a closer correlation between bitcoin and other markets, which could mean a negative impact on cryptocurrencies as the effects play out. But some analysts they have gone so far as to say that “the war could be good for bitcoin prices”.

Pantera Capital CEO Dan Morehead also said that almost “everyone with a smartphone will be using crypto within 5 to 10 years.”

Institutional investment has been growing at a rapid pace, accounting for 99% of thebig transaction bitcoin trading volume.

Investors certainly seem confident in the market. Bill Gates, on the other hand, warns investors about bitcoin and advises average investors to be careful.


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