Arthur Hayes Warns About BlackRock's Potential Impact on Bitcoin, But Predicts $1 Million Value by 2026

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Arthur Hayes Warns About BlackRock's Potential Impact on Bitcoin, But Predicts $1 Million Value by 2026

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Arthur Hayes, the co-founder of BitMEX, a cryptocurrency exchange, has expressed concerns about BlackRock's entry into the crypto industry. He believes that the renowned asset management firm could bring significant changes to Bitcoin, the world's largest cryptocurrency. Despite this, Hayes remains optimistic about Bitcoin's future and predicts that its value will reach $1 million by 2026.

In an interview with YouTuber Tom Bilyeu, Hayes mentioned that the approval of a spot Bitcoin ETF could attract more funds to the crypto market. However, he also highlighted his worry about the potential impact it may have on traditional finance. Hayes questioned what this could mean for the industry.

BlackRock is currently awaiting approval from the SEC for its application, following a delay in the decision on various filings, including BlackRock's.

Despite his concerns about BlackRock's involvement, Hayes maintains a positive outlook on Bitcoin. He foresees the "king of crypto" trading between $750,000 and $1 million by the end of 2026.

As of a particular time, Bitcoin was being traded at $27,261.64, with a 24-hour trading volume increase of 12.24% at $14.88 billion. Over the past 24 hours, there has been a 1.49% drop in value, and a 1.2% loss in the past seven days. Bitcoin has a circulating supply of 19.51 million coins and a market cap of $532.16 billion, according to CoinMarketCap data.