# Former BitMEX CEO Arthur Hayes Explains How Bitcoin Will Hit $1 Million By 2030
Bitcoin (BTC) is projected to reach $1 million by 2030, according to Arthur Hayes, the former CEO of crypto derivatives giant BitMEX. He reiterated his bullish price forecast for Bitcoin and gold in his latest blog post published on April 27.
## Bitcoin, gold, commodities… just not fiat
Arthur Hayes highlighted a significant shift in geopolitical and economic policies following the sanctions imposed on Russia due to its incursion into Ukraine. As the U.S. and European Union strive to reduce reliance on Russian energy and food supplies, the long-term consequences are expected to have a positive impact on Bitcoin’s price trajectory.
The current scenario is intricate, with high inflation rates even before the Ukraine crisis, exacerbated by Western sanctions. Russia is facing challenges with the freezing of a substantial amount of its offshore assets by Western nations. China is observing this situation closely to safeguard its assets from a similar fate.
Hayes explained how China has been selling inexpensive goods to the West for decades in exchange for fiat currency, which is then used to acquire government debt, keeping interest rates low. However, disruptions in supply chains, inflation spikes, and the risk of asset seizure are shaking up this system. Hayes believes that China may need to explore options to reduce its exposure to potential risks without completely altering its production model.
Hayes suggested that “storable commodities, gold, and Bitcoin” could serve as alternative outlets for China. While this may seem extreme, there is a possibility that China might reconsider its position on matters such as Bitcoin mining.
## “Doom loop” will spark $1 million Bitcoin, $20,000 gold
Looking ahead, Hayes outlined a grim future for Western democracies, particularly the European Union. He argued that by isolating Russia, the EU will trigger a chain reaction leading to the dissolution of the European project.
Hayes predicted that countries within the EU will resort to printing their own currencies, such as Lira, Drachmas, and Deutschmarks, resulting in hyperinflation and the flight of savers into assets like gold and Bitcoin. He projected that the breakup of the EU would drive Bitcoin to hit $1 million.
Hayes also pointed out that Western financial policies, including yield curve control (YCC), could contribute to the rise of Bitcoin to $1 million and gold to $20,000 by the end of the decade.
In conclusion, Hayes emphasized the importance of active participation in the Bitcoin network to ensure its sustainability, urging Bitcoin advocates to promote the adoption of the cryptocurrency globally.
As a disclaimer, the views expressed in the blog post are solely those of the author, and readers are encouraged to conduct their own research before making investment decisions.
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