Bitmex co-founder Arthur Hayes believes Bitcoin’s advantage is heading towards 70% as global financial uncertainty grows.
In a post on X’s April 7th, Hayes pointed out that altcoin’s risk appetite remains curtailed as Bitcoin is a safer bet until the Federal Reserve starts printing money again.
In light of this, Hayes said he expects Bitcoin’s market share to rise to 70%, due to a decline in trust in the traditional financial system.
According to data from CoinMarketCap, Bitcoin currently commands around 63% of Crypto’s market capitalization, earning its highest share in over four years.
“Black Monday”
In the past day, global stock markets have been struggling with the administration’s imposition of large 10% tariffs on all imports, including much higher fees from major trading partners such as China and the EU.
This caused panic as key stock exchanges like Hong Kong recorded their worst days since 1997 and Chinese markets recorded their biggest day loss since the 2008 crisis.
Crossing the Atlantic, US stocks have not achieved any better. According to Kobeissi’s letter, futures on the S&P 500 were down 22%, pushing the market deep into Bear’s territory.
Analysts also reported that the US stock market has dumped an average of $400 billion per trading day for 32 consecutive days.
Meanwhile, the crypto market is also inevitable. Over the past 24 hours alone, more than $1.3 billion in crypto positions have been liquidated as traders scrambled to protect their portfolios.
Shift to neutral assets
Hayes previously argued that the traditional financial system, which has long been dependent on the US dollar’s dominance, shows signs of stress.
According to him:
“If the US current account deficit is eliminated, foreigners don’t have the dollars to buy bonds or stocks. If foreigners have to juice their country’s economy, they sell their bonds and stocks and fund citizen-first policies.”
In this landscape, Hayes sees an increasing demand for assets separated from state control.
Gold presents the country’s classic hedge, while Hayes believes Bitcoin is even more persuasive in a decentralized, distrustful world.
He suggests that this environment could ultimately push BTC to $1 million. This is because it plays a more important role in the evolving global financial system.
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