BitMEX founder Arthur Hayes anticipates a temporary Bitcoin correction to $90,000 due to potential liquidity pressures from Trump administration policies, while projecting long-term growth reaching $1 million per Bitcoin by 2028.
Hayes warned the ‘Big Beautiful Bill’ initiative under former President Donald Trump could prompt increased U.S. Treasury borrowing, absorbing capital from financial markets and creating temporary downward pressure on Bitcoin. This comes despite Bitcoin’s recent surge beyond $110,000.
His analysis suggests reduced market liquidity from Treasury operations might adversely impact Bitcoin and other risk assets short-term. Nevertheless, Hayes maintains a fundamentally bullish outlook, predicting institutional investors will pivot toward Bitcoin as an alternative to traditional Treasury securities over the next three years.
Additional market factors include the GENIUS Act’s proposed stablecoin regulations, which could influence broader cryptocurrency dynamics. Bitcoin’s evolving market structure is evidenced by long-term holders controlling 74% of circulating supply – indicating maturation and potential supply constraints.