BitMEX Co-Founder Predicts Bull Market Surge in 2024
Date: 2023-09-13 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
Factors Behind the Bull Market
Historically, bull markets in the cryptocurrency industry are driven by either increasing liquidity in fiat currencies or revolutionary technological advancements. This time, Hayes believes that both triggers will be in play, setting the stage for unprecedented growth.
Inflation of Fiat
Delving into global economic trends, the head of BitMEX emphasized the concerning acceleration of the world's debt. He pointed to the United States' debt repayment schedule, highlighting looming issues. Hayes explained that governments resort to printing money when no one wants to purchase their mountain of debt at real interest rates. In this context, cryptocurrencies emerge as a hedge against inflation and the devaluation of traditional currency.
Artificial Intelligence as a Growth Driver
According to Hayes, recent months have seen a growing interest and trust in artificial intelligence (AI) technology. Drawing parallels with past technological revolutions, he underscored AI's transformative potential in the crypto space. Hayes also mentioned NVIDIA, the leading AI chip manufacturing company, whose stock prices have surged by 200% in recent months. He noted that AI is a personal economic entity immune to human laws, as governments cannot use force to eliminate it.
Filecoin as a Key Beneficiary
Hayes also highlighted the indispensable role of decentralized storage in the crypto ecosystem. Despite the widespread use of centralized data storage solutions, they pose significant risks, especially for AI-based products in development. In this context, he recommended keeping an eye on Filecoin. Despite a sharp drop in FIL token prices from a peak of $300 to $3, Hayes believes that the project holds significant potential. He emphasized that Filecoin's value in the crypto space goes beyond speculation, as real clients actively utilize the network for data storage.
