Arthur Hayes "Bitcoin could reach $3.4 million by 2028"

A claim has emerged that Bitcoin (BTC) could reach as much as $3.4 million by 2028.

On the 23rd (local time), Arthur Hayes, co-founder of BitMEX, said in a blog, "The United States may issue new government bonds to repay debt and cover fiscal deficits," adding, "Bitcoin could reach $3.4 million by 2028."

He pointed to the correlation between government bond issuance and Bitcoin prices. Hayes said, "Trump's greatest mission is to strengthen U.S. hegemony," adding, "He will use every means to raise the funds necessary for this." He went on, "By 2028 the U.S. Treasury will need to issue about $15 trillion in government bonds to repay maturing debt and cover fiscal deficits," and explained, "Analyzing the impact of increased debt on Bitcoin's price shows that Bitcoin tends to rise by 0.19% for each $1 increase in debt." Based on this, he analyzed that Bitcoin could reach $3.4 million by 2028.

However, he added that the likelihood of it actually rising to that level is low. Hayes said, "The possibility of Bitcoin reaching $3.4 million within three years is realistically low," but added, "Compared to the current Bitcoin price, it is certain to rise very significantly." He also said, "Considering Trump's policy stance, Bitcoin will become the most promising investment asset going forward."

As of 5:48 PM, Bitcoin is trading at $113,085 on the Binance USDT market, up 0.35% from 24 hours ago.