Arthur Hayes, co-founder, and ex-CEO of renowned crypto derivatives firm BitMEX forecasts that Bitcoin's value will hit $1 million before the decade's end.
In a blog article released Wednesday, Hayes provided a detailed explanation of how the top virtual currency will hit $1 million in eight years, a price that is 2,500% greater than its current price, in a blog article released Wednesday.
Hayes identified a process he calls "The Doom Loop," which depicts three things governments worldwide do to pay their shortfalls: sell the debt to local firms, sell the debt to foreigners, and issue money at the central bank.
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He pointed out that continuing geopolitical concerns are worsening already high inflation rates. However, inflation will climax at some stage, and central banks will be forced to use yield curve control (YCC), a technique used to avert collapse. As per Hayes, this will be the breaking point for Bitcoin.
He explained that: “YCC is the goal. When it is ultimately proclaimed, whether tacitly or formally, it is game over for the USD's value relative to gold and, more significantly, Bitcoin. YCC is the means by which we will reach $1 million in Bitcoin and $10,000 to $20,000 in gold."
Since the beginning of the year, April 2022 has signified the fourth consecutive month of a decline in the implementation of Bitcoin (BTC) ATMs.
BTC ATMs play an important role in the Bitcoin ecosystem by allowing users to directly collect or deposit their BTC holdings against the matching cash reserves.
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According to Coin ATM Radar statistics, 2021 had the greatest global rise in BTC ATM implementations, with August seeing the biggest net change of 2,037 ATMs. Beginning in January 2022, the crypto ATM net change declined to 1,687 from a peak of 1,969 in December.
Since then, the net change in crypto ATM has been on a declining trend, with three-digit changes recorded in February (970), March (757), and April (739).
Last year's spectacular increase in crypto ATMs was directly related to countries such as El Salvador's legalization of Bitcoin as legal cash, making thr country the third-largest owner of BTC ATMs with the US and Canada occupying first and second positions, respectively.
El Salvador has 205 Chivo-branded ATMs, accounting for 70% of all crypto ATMs in South America, highlighting the huge unexplored potential for crypto ATMs.
However, the apparent decrease in crypto ATM deployments might be attributed to a delay in additional countries eager to embrace and adapt to the Bitcoin industry.
Genesis Coin retains its long-standing lead in the cryptocurrency ATM business, accounting for 41.5% of the sector. Other notable cryptocurrency ATM producers include General Bytes (21.6%), BitAccess (15.2%), and Coinsource (5.3%).
