Arthur Hayes, CEO of BitMEX, predicted bitcoin price will reach $50K by the end of 2018. The former Citigroup and Deutsche Bank executive, who appeared on CNBC’s Fast Money, spoke about Bitcoin’s volatility and the cryptocurrency market being dominated by Asian traders.
Bitcoin has dipped to below $6K in February 2018 after hitting a record of $20K in December 2017. When asked about the seriousness of his prediction, Hayes said: “It’s my job to make predictions. Whether they’re right or wrong, it doesn’t matter to me.”
Hongkong-based BitMEX is the record holder for the most number of bitcoins traded in a 24-hour trading period at 140 BTC. The firm, having a large trading base in northern Asia, also offers altcoin futures for Ripple, Litecoin, Bitcoin Cash, and Ethereum.
The platform offers 100x leveraged trading as one of its headline features but seldom, if ever, used by the traders.
“It’s a headline number. Most traders do not use a 100x leverage. Some traders use it as a testing ground or a free option. It is a limited liability from the perspective of the trader. On BitMEX, traders can only lose what they put in.”
Hayes remarked that why Asian retail traders dominate the crypto market is because of their familiarity with digital trading assets. They understand digital currency trade culturally. One example is South Korea who has been dealing with games-related digital goods trading for over 20 years.
In a photo he tweeted, Hayes “arrived” at the Consensus 2018 Conference in a rented orange Lamborghini Huracan.