Thailand Raided Illegal Bitcoin Miners, Here’s Why

Previously, BitMEX crypto company co-founder and former CEO Arthur Hayes gave his views on the crypto market, especially Bitcoin. Hayes made important comments about the future of the market.

Hayes shared a blog post stating that altcoin season will not return until Bitcoin surpasses USD 70,000 or equivalent to IDR 1.10 billion (assuming an exchange rate of IDR 15,567 per US dollar) and Ethereum surpasses USD 4,000 or equivalent to IDR 63 million.

He also mentioned that Solana will rise above USD 250. With the introduction of US dollar liquidity, he expects the cryptocurrency to exit its downward trajectory from September onwards.

“When the US debt ceiling farce ends, liquidity will flow in droves from the Treasury and perhaps the Fed, and the market will get back on track. Then the bull market will really start. Bitcoin worth $1 million is still my base case scenario,” Hayes said in his blog post, quoted from Coinmarketcap, Thursday (8/22/2024).

In early 2023, there was widespread comment around the world that the cryptocurrency boom might be over. However, in January 2024, the approval of a spot Bitcoin ETF sparked a new wave of activity, culminating in Bitcoin hitting a historic high in March.

Subsequently, the downward trend began again, with Bitcoin prices recently dropping to USD 48,800. Nevertheless, market participants’ confidence in 2024 and 2025 seems to remain intact. In this context, Arthur Hayes, one of the most famous figures in the cryptocurrency world.