BitMEX co-founder Arthur Hayes reaffirmed his $125,000 Bitcoin price target for the end of 2026 at the Consensus Miami conference on May 5, arguing that expanding fiat liquidity is the only relevant price driver.
“If you want to talk about the price of Bitcoin... all that matters is how many units of fiat are there today,” Hayes said at the conference. “The more money that is printed in the U.S. and around the world, the more value that bitcoin will have in fiat currencies."
Hayes dismissed the pending CLARITY Act as irrelevant, stating that Bitcoin’s value derives from its existence outside the traditional regulatory apparatus. He noted that events like bank bailouts and government stimulus have historically propelled Bitcoin higher, a pattern he expects to continue. He also revealed he sold some Bitcoin and Ethereum to fund investments in faster-growing assets like Hyperliquid.
Hayes's commentary reinforces a core bullish narrative in the crypto market: that central bank money printing will inevitably drive capital into scarce, non-sovereign assets like Bitcoin. His dismissal of regulatory efforts as a price driver could embolden investors who are skeptical of government oversight, even as the industry faces increasing scrutiny globally.
Speaking at the event, Hayes elaborated that the primary engine for Bitcoin's price is the pace of fiat currency creation, particularly the U.S. dollar. He argued that wartime financing and bank bailouts improve liquidity conditions that benefit bearer assets like Bitcoin and gold. "It's precisely the reason that it does not adhere to the regulatory regime that some of you wish to put it under," he said, referring to legislative efforts in the U.S.
He also projected Bitcoin could reach $100,000 after the northern hemispheric summer of 2026, provided geopolitical tensions do not escalate significantly.
In a shift of his own portfolio, Hayes confirmed he purchased more than $1 million in Hyperliquid, a decentralized derivatives exchange. He justified the move by stating the platform has paying clients and clear value-return mechanics like token burns and staking rewards, which he evaluates for every asset. He believes Ethereum may underperform Bitcoin in the current cycle, reinforcing his focus on Bitcoin's dominance.
This article is for informational purposes only and does not constitute investment advice.
