Bitcoin Could Smash $200K Before New Year’s Eve—Hayes Doubles Down on Crypto Supercycle

Former BitMEX CEO Arthur Hayes just threw gasoline on the crypto bull market—predicting Bitcoin could surge past $200,000 by December. The forecast comes as institutional inflows hit record highs and Wall Street fund managers suddenly remember what ’FOMO’ means.

Why the audacious target? Hayes points to the perfect storm of ETF approvals, halving-induced scarcity, and that classic crypto catalyst: sheer irrational greed. Meanwhile, traditional finance pundits are too busy downgrading Tesla stock to notice the digital gold rush.

One hedge fund analyst quipped: ’At this rate, Bitcoin might actually outperform their 2030 price target... by 2025.’

“I think Bitcoin in this next little run could go close to $200,000. And then  altcoin season comes around”

He expects Bitcoin’s dominance to continue rising. Once there is BTC trading volume spikes, Hayes anticipates the onset of a new altcoin season-likely in the summer or early third-quarter of 2025. However, he warns that this altcoin cycle will differ from the wild super cycle of 2021. If Hayes had to pick between ethereum and Solana, he clarified he would pick Ethereum. 

Commenting on Gold holdings, he said, “And I still believe that the US is going to revalue their gold holdings much higher to depreciate the dollar against gold. So, I think gold could be $10,000-20,000 by the time we finish with this rally.”

“I think by the end of Trump’s presidency, the end of 2028 Bitcoin will be about 1 million dollars,” insisted Arthur Hayes

“I think people’s expectations are very very high and they think that crypto is the number one thing that Trump needs to focus on. You know, Trump’s a politician, he’s got a lot of things he’s got to focus on, so I think people need to be patient,” he added.

However, Hayes also pointed to the Treasury’s recent “slight of hand,” draining the Treasury General Account (TGA) from $750 billion to $450 billion in under a quarter. According to him the government is tapping “extraordinary measures” to sidestep borrowing limits. This means that the US is spending more than official debt figures suggest. 

“I believe that the US government has to borrow more money than what we think, and therefore, [Treasury Secretary] Bessent will have to issue more debt and therefore he needs to find a way for these individuals to obtain as much leverage as possible through the banking system and ultimately that means that there’s more dollars floating around in the world because the US government is spending more money on stuff,” said Hayes.

Key Takeaways

• Hayes predicted that Bitcoin will surge to $200,000 in the near term- potentially as soon as the third quarter of 2025.

• Hayes anticipates the onset of a new altcoin season-likely in the summer or early third-quarter of 2025. However, he warns that this altcoin cycle will differ from the wild supercycle of 2021.