In an interview with CNBC, Arthur Hayes the CEO of BitMEX predicted the price for Bitcoin to reach $50,000 by the end of the year.
Arthur Hayes is the CEO and Co-founder of BitMEX. He is an economics graduate and used to work as an equity derivatives trader. BitMEX is the world’s largest Bitcoin trading platform by volume. The company has gained quite a reputation in a very short period of time as it offers 100 % leverage in margin trading for its users.
Arthur said that the company currently does not deal with non-institutional traders instead they deal with retail traders. The company offers access to financial products for investors around the world using cryptocurrency. According to the reports, the distinctive factor about the company is that it offers highly leveraged derivatives, a hundred times leverage.
He describes the market to be highly volatile and exchange platforms largely trade in liquid. He further adds:
“There is not much of institutional presence in crypto, as of now it’s more of a retailer phenomenon. We hold bitcoin a large amount of it, we are secure but the risk is there in any business. Most traders don’t use 100 percent leverage, as there is a limited liability but there is.”
He also said that people are expecting the upcoming future wherein the entry of institutions into the cryptocurrency is questioned. Asia is dominating in crypto because they grasp easily as they have been used to it.
On the other hand, U.S. already has a well built financial processing system so people find it more cozy to use traditional trading methods rather than new technology. The fresh developing markets which lack the access to the brokers and high exchange rates have to find alternatives such as cryptocurrency.
A twitterati said:
“Anthony you are a too smart man. I’m trying to get over this immense depression I have…caused by knowing that I’ll never have things figured out in crypto like you do…it’s tough.”
Another Twitterati said:
“Clickbait. There was no explanation for a forecast of $50k. Just a wildly publicized speculation. Disappointing ending by an otherwise solid interviewee who schooled the interviewers.”
Cryptomaster, another Twitter user said:
“Excellent to see less animosity from mainstream media over bitcoin & other cryptos Many are now starting realise the true value of this modern decentralised digital payment method but dont forget the other technology including real world use applications offered by some altcoins”
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