Arthur Hayes Predicts Bitcoin to Hit $250K in 2025 and $1M by 2028

• Bitcoin will likely surpass $250K in 2025, driven by liquidity growth.
• Ethereum is expected to outperform Solana over the next 18 to 24 months.

Arthur Hayes, co-founder of BitMEX and current Chief Investment Officer of Maelstrom, shared his outlook on Bitcoin, altcoins, gold, and the broader financial market. 

In a recent interview at Token2049 Dubai, Hayes attributed Bitcoin’s anticipated price rise to increased government borrowing. He explained that the U.S. Treasury has been using “extraordinary measures” to bypass borrowing limits, effectively expanding the dollar supply. This higher liquidity supports his view that Bitcoin’s price bottomed on April 9 and will continue to climb.

Hayes stated, “I think Bitcoin needs to go above $110,000, with volumes pushing prices to $150,000–$200,000.” He predicts this will happen by summer or early third quarter 2025, triggering a rotation into altcoins. 

However, he noted the upcoming altcoin season will differ from the 2021 super cycle, warning that many older altcoins with weak fundamentals may not recover. He focuses on assets outperforming Bitcoin rather than all altcoins gaining indiscriminately.

At the time of writing, Bitcoin trades around $105,624.81, marking a 3.23% increase in the last 24 hours. Hayes anticipates Bitcoin dominance to rise during this bull run, forecasting Bitcoin to reach nearly $200,000 in the short term and $250,000 by year-end.

Gold Holdings and Ethereum Versus Solana Outlook

Hayes revealed that gold makes up about 20% of his portfolio. He owns physical gold and gold mining equities and expects gold prices to rise sharply due to central bank purchases and U.S. Treasury debt concerns. 

During the current rally, Hayes mentioned a possible gold price range of $10,000 to $20,000 per ounce, driven by anticipated U.S. gold revaluation efforts to counter dollar depreciation.

Regarding altcoins, Hayes provided insights on Ethereum and Solana’s performance. He believes Ethereum’s growth will surpass Solana’s over the next 18 to 24 months in the bull market, despite Ethereum’s recent underperformance and negative sentiment. 

Hayes cited Ethereum’s considerable total value locked (TVL), number of developers, and security as key strengths. Solana’s previous rapid price rise from $7 to $172 contrasts Ethereum’s steadier trajectory.

Hayes expressed concern about the ballooning U.S. debt in his broader market view. He explained that the Treasury’s use of “extraordinary measures” hides the accurate scale of borrowing. Hayes expects this situation to drive demand for leveraged assets like Bitcoin as a hedge against inflation and dollar devaluation.