Crypto veteran Arthur Hayes thinks the US government’s borrowing needs will drive up the price of Bitcoin (BTC).

The BitMEX co-founder predicts in a new interview with Fortune that the top crypto asset could hit $200,000 in the current run and $250,000 by the end of the year.

“I believe that the US government has to borrow more money than what we think, and therefore, [Treasury Secretary] Bessent will have to issue more debt and therefore he needs to find a way for these individuals to obtain as much leverage as possible through the banking system and ultimately that means that there’s more dollars floating around in the world because the US government is spending more money on stuff.

So that’s kind of the TLDR (too long, didn’t read) on what a buyback is and how I believe it’s positive for liquidity in the market and which is why I think Bitcoin bottomed on April 9th and will continue much, much higher as the government continues to borrow money and Bessent does what is necessary to make sure they’re funded at an affordable rate.”

BTC is trading at $105,379 at time of writing. The top-ranked crypto asset by market cap is up more than 1% in the past 24 hours.

Hayes also predicts Bitcoin will hit $1 million by the end of Donald Trump’s presidency in 2028.

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