Arthur Hayes, former CEO and co-founder of BitMEX exchange, predicted that the price of the first cryptocurrency would rise to $1 million by the end of the decade due to the ineffective monetary policy of the US and EU.

According to him, the pandemic has exposed many shortcomings in the financial systems of Western countries. fed It’s printing money as part of the fight against the consequences of COVID-19, Hayes said.

It also recorded gold as a traditional store of value. The BitMEX co-founder is confident that precious metal prices will rise to $20,000 if there is a collapse in the Western financial markets.

Hayes explained that sanctions against Russia due to the war in Ukraine will make the situation worse. According to him, bitcoin supporters should work on its distribution and use the asset for day-to-day transactions.

Hayes previously predicted a drop in the cryptocurrency market in June 2022. Amid the decline in the Nasdaq 100 (NDX) index, he believes Bitcoin and Ethereum will test the $30,000 and $2,500 levels respectively.

Recall that Hayes admitted in early April that by the end of 2022, the second-largest cryptocurrency by capitalization will be trading above $10,000.