The price of bitcoin is collapsing! Arthur Hayes makes a bold prediction on bitcoin price

On his Twitter account, Arthur Hayes, the co-founder of BitMEX, hinted that the price of bitcoin might fall to the $10,000 level with a GIF video that mocks the free fall in the price of bitcoin for the past few days.

Arthur Hayes’ tweet comes on the heels of news of FTX’s collapse, which further impacted a number of cryptocurrency companies in the industry.

Arthur’s $15,000 Bet

Last week, the former BitMEX CEO took to Twitter to announce that he had purchased bitcoin put options with a strike price of $15,000, with an expiration date of March. 2023. This tweet came as bitcoin fell to nearly $19,244 on the Bitstamp exchange following the FTX outbreak.

The market will rebound in the long term

Shortly before, Arthur Hayes had also said that he was rather optimistic about cryptocurrencies for 2023. However, he believes that digital assets will first fall to new lows, creating panic in the market, before to claim new heights.

According to Arthur Hayes, the absence of a central bank or other organization that could stop the bleeding is a huge plus for the industry, as it will allow cryptocurrency markets to effectively reset and finally recover. .

Comparing the recent FTX fiasco to that of the 2008 stock market crash, Arthur Hayes also said,

“FTX wasn’t the first high-profile exchange to fail and it won’t be the last. But all the while, blocks on Bitcoin, Ethereum, and all other blockchains were still being produced and verified. Decentralized currency and finance have and will continue to survive and thrive in the face of the failures of centralized entities.”

Arthur Hayes is not without controversy on his side. In March, former BitMEX CEO Benjamin Delo and another executive admitted to breaking bank secrecy laws by deliberately failing to implement anti-money laundering procedures.

Subsequently, a judge ordered Arthur Hayes to serve two years probation and six months house arrest, in addition to a $10 million fine.

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