Arthur Hayes, the co-founder of BitMEX, has given a bold prediction about the crypto market’s future. Hayes believes the current crypto bear market’s end will usher in the largest bull market in history.
Hayes wrote in a post on X, “Double Happiness is my final AI + #crypto essay. It argues we are about to witness the biggest bull market in human history driven by the most amount of money printed in the shortest amount of time and the coming of AI.”
"Double Happiness" is my final AI + #crypto essay. It argues we are about to witness the biggest bull market in human history driven by the most amount of money printed in the shortest amount of time, and the coming of AI.
My shitcoin of choice $FILhttps://t.co/fk0C7WNnxY pic.twitter.com/VHpMrxcIyW
— Arthur Hayes (@CryptoHayes) October 5, 2023
Read Also: BitMex Co-Founder: Ethereum (ETH) To Skyrocket By 1,556% in AI-Powered Economy –Here’s the Timeline
A Historic Bull Market
Hayes believes we’re on the brink of experiencing the most substantial bull market in crypto history. He said it will be driven by an extraordinary influx of money and the emergence of artificial intelligence (AI).
According to Hayes, the commercialization of AI and the surge in fiat currency liquidity are the two major factors that will propel this forthcoming bull market. He highlights that previous crypto bull markets were typically triggered by either a surge in fiat liquidity or advancements in blockchain technology. However, he argues that this time, both factors will combine to drive this extraordinary market growth.
Hayes stated that the portfolios of the “faithful” will enjoy the results of the bull market in fiat liquidity and technology. Hayes also highlighted the critical role of decentralized storage systems in supporting artificial intelligence. He emphasizes that AI’s need for secure and censorship-resistant data storage makes decentralized solutions indispensable.
Read Also: BitMEX CEO Shares Major Reason Why Bitcoin (BTC) Will Trade At $1,000,000 in the Future
Filecoin (FIL) Bright Future
The importance of decentralized storage explains why Hayes chose Filecoin (FIL), a decentralized data storage network, as a top contender for the next bull market. In his essay, Hayes points out that FIL has been tradable on major exchanges since 2020.
Although Filecoin has not met expectations in the past two years, Hayes expects it to be a dominant force and experience significant growth in the next bull run. Despite reaching an all-time high of $237.24 in April 2021, the coin’s value has since fallen by over 98.5% to $3.36.
Hayes acknowledges that while some may doubt his predictions for the next bull run, he remains focused on trading cycles, particularly the 2023-2026 cycle. He states that he is not troubled by being wrong in the short term as long as he proves right in the long run.
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