The next Bitcoin cycle may lead to unprecedented price growth, at least according to BitMEX founder Arthur Hayes.

In a new interview with YouTuber Tom Bilyeu, Hayes shared his bullish outlook on Bitcoin’s price, projecting a staggering $750,000 to $1 million valuation for the leading cryptocurrency by 2026. 

During the interview, Hayes discussed several factors contributing to his optimistic Bitcoin price forecast, including Bitcoin’s limited supply, the prospect of Bitcoin spot ETFs in major regulated markets, and geo-political uncertainty. 

Hayes further emphasized the fundamental aspect of Bitcoin’s fixed supply, capped at 21 million coins. This scarcity, he believes, will drive increased demand as more investors seek to acquire a piece of the limited supply.

Still, it’s worth noting that Hayes positioned these comments within a larger bullish macro-economic environment in which he projected all asset prices to increase. 

“I think it will be the biggest boom in financial markets we have ever seen in human history. Bitcoin will have a ridiculous price, Nasdaq will have a ridiculous price, S&P will have a ridiculous price. Pick your stock industry,” he said.

At the heart of his analysis is the idea that central bank monetary policy will force investors to buy up assets as high interest rates again become undesirable.

“As we get to some kind of financial disturbance and people realize that real rates are negative, if governments are growing nominal at 10%, 5%, 6%, people at the market will start buying other stuff,” Hayes said. “Crypto is one of those things.”

While Hayes’ $1 million price projection for Bitcoin by 2026 may seem ambitious, his near-term projections were more muted, suggesting he sees Bitcoin being stuck in the $30,000 range for this year, with the possibility of a $70,000 price by 2024.

This is more in line with other industry analysts, who see the fog of Sam Bankman-Fried’s ongoing trial as leading significant headwinds.

That said, in the end, Hayes’ bullish outlook serves as a reminder of the ongoing evolution of the cryptocurrency landscape and the potential for Bitcoin to play a significant role in reshaping the future of finance.