Crypto billionaire Arthur Hayes expects crash before halving

Even though we are still extremely bullish on crypto in the longer term, sometimes we also have to look at the short term and read other opinions. For example the opinion of Arthur Hayes, the legendary founder of Bitmex and one of the first crypto billionaires.

Heatwave

Hayes warns in a blogpost (in a text called Heatwave) of an impending crypto crash in the period between April 15 and May 1.

He explains that the halving will cause a panic reaction among the older Bitcoin mining companies as they will suddenly no longer make a profit (seems a bit far-fetched to me) and that April 15 is also the date on which wealthy Americans have to pay their taxes. These reasons, combined with the fact that Bitcoin has already made a lot of gains this year and investors will therefore sell quickly if it falls before the April 20 halving, make him think a crash is possible this month.

He therefore advises everyone to reduce their positions in crypto and take profits.

“Heatwave” is an essay on why I’m bearish despite the recent move higher in #crypto markets.https://t.co/gZ8Vl1uC04 pic.twitter.com/fH6docB499

— Arthur Hayes (@CryptoHayes) April 9, 2024

Solana and Dogwifhat

Be careful, Hayes often makes strange predictions and is known as a scaremonger. His gift for recommending the right crypto coins is of course also well known.

In november last year, he admitted that he had re-entered Solana (back then still trading at $50) and Hayes also predicted the rise of Dogwifhat ever since that memecoin crossed the threshold of 1 dollar.