Arthur Hayes: I'm Taking Bitcoin (BTC) Private at $420,000 14

Arthur Hayes: I’m Taking Bitcoin (BTC) Private at $420,000

In brief:

  • In a recent tweet, Arthur Hayes jokingly stated that he plans to take Bitcoin (BTC) private at $420,000.
  • His tweet is similar to one Elon Musk made about taking Tesla private at $420. 
  • Tesla (TSLA) eventually traded at $420 and would break records in the stock markets. 
  • Mr. Hayes remarks, although a joke, might just become fact like Elon Musk’s tweet. 

The third Bitcoin halving event will happen at a time when the world is facing by both a global pandemic and the prospects of the greatest recession since the 1930s Great Depression. The chilling coincidence of the halving happening amidst such uncertainty and economic turmoil is one reason many believe that Bitcoin’s greatest test to date will be surviving the current economic times.

Arthur Hayes Jokes About Taking Bitcoin Private at $420,000

In a recent Tweet, the Co-Founder and CEO of Bitmex, Arthur Hayes, has joked about taking Bitcoin private at $420,000 after securing funding for such an endeavor. Mr. Hayes tweet, which alludes to a similar one made by Elon Musk in August of 2019, can be found below.

Elon Musk’s Prediction of Tesla (TSLA) at $420 Eventually Materialized

When Mr. Musk made the Tweet in August of 2019, he was haunted by the SEC and forced to relinquish his position as Tesla Chairman. Additionally, he was forced to pay a $20 Million fine. However, Tesla stock eventually got to $420 and exceeded this value in February of this year when TSLA traded at around $960. Tesla is trading at $701 at the time of writing this.

Arthur Hayes: I'm Taking Bitcoin (BTC) Private at $420,000 15

Arthur Hayes Might Turn out To Be Right

With the aforementioned Bitcoin (BTC) halving only 9 days away, it is clear as daylight that the amount of BTC mined per block will be reduced by half. This, in turn, means that after the halving this month, 6.25 BTC will be rewarded per block mined, down from 12.5. Additionally, we know that there will only be 21 Bitcoin in existence with approximately 2.642 Million yet to be mined. Bitcoin’s availability can be quantified with accuracy unlike Gold and regular fiat.

In summary, as time progresses and the demand for Bitcoin continues to rise, the price of BTC will have no option than to rise. Eventually, Mr. Hayes’ $420,000 value will be met and exceeded by Bitcoin. The only unknown factor is time…how long will it take?

(Feature image courtesy of Dario on Unsplash.)