Crypto Founder Reveals What Keeps Driving Up The Bitcoin Price
Arthur Hayes has a idea about what controls the Bitcoin price. Speaking throughout Consensus Miami 2026, Hayes positions that Bitcoin’s worth is usually propped up by the enlargement of the fiat cash provide throughout the United States and the remainder of the world.
Bitcoin Price Still Comes Down To Liquidity
Speaking at Consensus Miami 2026, the BitMEX co-founder and Maelstrom chief funding officer made a case that almost all within the viewers had possible not anticipated: that Bitcoin’s total worth proposition rests on a single variable. Interestingly, the crypto trade does not have a control over this variable.
Hayes advised the Consensus Miami 2026 viewers that the one factor that issues when assessing Bitcoin’s honest worth or future value is what number of models of fiat forex exist right this moment, what number of will exist sooner or later, and at what tempo that fiat is being created. “The more cash that’s printed within the US and all over the world, the extra worth that Bitcoin may have in fiat currencies,” Hayes stated. “And it’s this liquidity a part of the equation that basically drives the value of BTC and never something to do with politics.”
The throughline of his total look at Consensus Miami 2026, captured in a YouTube recording of the session, was a constant refusal to let political and regulatory opinions substitute for what he views as the one trustworthy rationalization of Bitcoin’s value motion.
Bitcoin has spent 2026 transferring via a tough macro setting, with traders reacting to Federal Reserve expectations, geopolitical tensions in the Middle East, and ETF flows. However, Hayes’ outlook locations these all as secondary to a bigger financial cycle the place extra forex creation will increase BTC’s worth when measured in opposition to those self same currencies.
A Price Target Correction
Hayes additionally appeared to walk back the idea that he’s nonetheless dedicated to a $500,000 BTC value goal. When requested in regards to the stage, he pushed again, saying his forecasts change and that his present target is closer to $125,000. “When did I ever say $500,000? I’m consistently altering my forecasts. Right now my goal is nearer to $125,000,” Hayes stated. “What does Bitcoin have to go up? More cash printing. It’s that easy.”
A transfer to $125,000 would nonetheless want a significant rally from Bitcoin’s latest buying and selling vary. At the time of writing, BTC is buying and selling at $81,527, reaching its strongest level since late January, however it’s nonetheless 35% under its late-2025 all-time high above $126,000.
Perhaps probably the most fascinating of Hayes’ Consensus look was reserved for advocates of crypto regulation. According to the Hayes, Bitcoin’s worth comes exactly from its existence exterior the regulatory equipment, and that proposals like the CLARITY Act work instantly in opposition to the properties that make the cryptocurrency precious.