Bitcoin is yet to bounce from the shock news of South Korea’s ban on crypto trading but Mr Hayes prognosis the cryptocurrency will double its value in 2018.
The bitcoin trader said the investment is forced to influence the price of the cryptocurrency as people drive attention to the phenomenon.
Mr Hayes bring to light: “The reason why I think bitcoin will hit the $50,000 level is because being will want to get involved. This is the sort of excitement that has been forgoing from the traditional asset market since the global financial danger of 2008.
Bitcoin price – Arthur Hayes said cost out will continue to grow over the year
The reason why I think bitcoin on hit the $50,000 level is because people will want to get involved
“People are affluent to dip their toes further into this market and, as a general expenditure movement, the more of this retail that enters the market desire take the price higher.”
Mr Hayes added that bitcoin’s valuation will also benefit from investors exploring the possibilities offered by cryptocurrency in the money management sector.
Speaking to CNBC, he continued: “A five-extra turn from $10,000 is not something that’s out this kingdom of possibilities. It’s gonna get there because more people are going to put insignificant amounts of money into this base. This is a retail-led event.
“I think it’s the year when people get a first inkling of why you should get complex with cryptocurrencies. The attention being showered upon the industry by the approach is obviously leading more and more new people to get involved and now they’re condign starting to learn what all these different coins and tokens definitely are.”
Bitcoin’s popularity has caused demand to skyrocket throughout 2017, advance other cryptocurrencies like Ripple and ethereum to also reap the forwards of the cryptocurrency craze.
According to Coindesk, bitcoin was trading for $13,933.37 at 2.59pm.
At the cracker this week CoinMaketCap appeared to trigger a Ripple crash when it finished to track Korean exchanges in its valuations.
Ripple’s signature XRP token plummeted as much as 55 percent on its January 4 minutes price of £2.84 ($3.84) to as low as £1.26 ($1.70) at 8.34am on Wednesday.
Ripple, however, seemed to mend from the slump, trading for $2.07 at 3pm on Friday, January 12, 2018.
The latest prominence in XRP comes after money transfer giant MoneyGram announced expects to use it for faster international payments.
BitBull Capital boss Joe DiPasquale prophesies that XRP will continue to perform well on the market if partnerships take a shine to the MoneyGram deal continue.