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Bitcoin to Hit $1M In the Face of Russian Sanctions – Ex-BitMex Boss

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BitCoin Rate in Rocket High

The former BitMex Chief Executive Officer, Arthur Hayes, says that the sanctions against Russia will usher in a new monetary system that will cause BTC prices to reach $1 million.

Source: Beincrypto

BTCUSD is down -0.63%

Hayes also projects that gold will trade at $10,000, saying that physical assets will rise in value as the global economy adapts to the new order.

The executive opined in a note titled: Energy Canceled that the 1971 petro/Eurodollar system collapsed after the Russian Central Bank’s fiat currency reserves were seized.

The remarks come amid optimism among analysts that the economic sanctions on the global market will benefit digital assets.

The technical analysis points to a possible price rally in bitcoin with the token remaining above the $40,000 level. The positive sentiment will largely depend on the ongoing market volatility.

Pantera Capital CEO, Dan Morehead, says that all smartphone users will be using cryptocurrencies in the next 5 to 10 years. This comes amid rapid growth among enterprise clients.

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