Arthur Hayes, co-founder of BitMEX, believes that Bitcoin’s dominance in the cryptocurrency market is set to increase towards 70% amidst global financial uncertainty. Hayes pointed out that the risk appetite for altcoins is currently low because investors view Bitcoin as a safer bet amid economic strains. He anticipates that Bitcoin’s market share will continue to climb due to decreasing confidence in traditional financial systems.
Currently, Bitcoin commands around 63% of the total crypto market capitalization, its highest share in over four years. The recent imposition of a 10% tariff by the Donald Trump administration on all imports has caused panic in global stock markets. Stock exchanges like Hong Kong and China experienced significant drops, with the US equities also entering bear territory. This economic turmoil has also affected the crypto market, with over $1.3 billion in positions liquidated within 24 hours.
Hayes believes that the traditional financial system, reliant on US dollar dominance, is showing signs of strain. He predicts a growing demand for assets detached from national control, suggesting that Bitcoin could reach $1 million as it plays a more significant role in the evolving global financial landscape. In a world of growing distrust and decentralization, Hayes sees Bitcoin as a compelling asset alongside traditional options like gold.
With global uncertainties mounting, Hayes’ views on Bitcoin’s increasing dominance and potential for growth towards $1 million reflect a shift towards alternative assets in the face of economic instability. It remains to be seen how these trends will impact the cryptocurrency market and traditional financial systems in the coming years.
