Token2049 Dubai: Maelstrom's Arthur Hayes goes 'all in' on crypto, predicts Bitcoin rally to $1 mn by 2028

Arthur Hayes, the Chief Investment Officer (CIO) of VC fund Maelstrom and co-founder and former CEO of cryptocurrency derivatives major BitMEX, has called for crypto investors to go "all in" on crypto, while saying Bitcoin (BTC) is set to see manifold gains in the next three years. During the keynote speech on Day 1 of mega Token2049 in Dubai, Hayes gave a bullish outlook on Bitcoin, saying that the world's largest crypto will hit $1 million by 2028.

Reiterating his long-standing commitment to Bitcoin, Haye said: “It’s time to go all in on everything.” He said the US will be forced to inject liquidity through a new form of quantitative easing, which he thinks will jack up crypto prices.

Drawing a comparison to the Q3 quarter of 2022, when the U.S. infused around $2.5 trillion into the economy, Hayes says despite several fears, including the central bank's push for rate hikes, the collapse of FTX, the government went ahead with the repo program, The Block quoted Hayes as saying.

He said that in the wake of widespread concerns about the current state of the US economy, where US President Donald Trump has unleashed a tariff war on its global trading partners, it is likely that hedge funds will buy more debt, which would eventually increase liquidity in the system. He, however, said that it's unlikely that Federal Reserve Chair Jerome Powell will come to the rescue, though relative value hedge funds are expected to fund markets via the treasury markets.

Hayes' statement comes following a Standard Chartered report, which predicted BTC could hit as high as $120,000 in the second quarter of 2025.

According to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, as investors drive strategic re-allocation away from U.S. assets, BTC could hit as high as $120,000 in the second quarter of 2025.

“A number of indicators support our view that Bitcoin is headed for the next leg higher. U.S. Treasury term premium (which has a close correlation to BTC) is at a 12-year high. Time-of-day analysis suggests that U.S.-based investors may be seeking non-U.S. assets. Meanwhile, Bitcoin accumulation by ‘whales’ (major holders) has been strong. ETF flows in the past week suggest safe-haven reallocation from gold into BTC,” he said in the report.

Bitcoin had hit its all-time high of $108,786 on January 20, 2025, though the crypto saw a massive decline post Trump’s orders on tariffs, especially with regards to China, hitting $76,273 on April 9, 2025. The recovery has also been pushed by the “whale” investors, who hold more than 1,000 Bitcoin and have continued their buying strategy despite the U.S. tariff threats.

Bitcoin remains range-bound, currently hovering around the $94,600 mark. The macroeconomic data collected so far creates a favourable environment for Bitcoin’s rally. The US consumer confidence dropped to 86.0, hitting its lowest since May 2020, while US job openings dropped to 7.19 million, both pointing towards a cooling economy. "This raises the probability of an economic stimulus, typically encouraging investment in risk-on assets like crypto. Meanwhile, Bitcoin spot ETFs continue to see strong inflows, with BlackRock purchasing $970 million in BTC, helping stabilise the price. Bitcoin now faces resistance at $96,700, with support rising to $94,000," says Edul Patel, Co-founder and CEO of Mudrex.

The $95,500 level remains a strong resistance point for BTC, says the latest commentary by CoinSwitch Markets Desk. "Over the past 24 hours, liquidations totalled $185.57 million across 104,379 traders, with BTC and ETH accounting for $35.96 million and $31.50 million, respectively."

Meanwhile, in a notable move toward crypto adoption, the Trump Organisation has announced it will accept cryptocurrency payments for luxury condos in its upcoming $1 billion Trump Tower project in Dubai.