On March 16, Arthur Hayes, the co-founder of the cryptocurrency exchange Bitmex, published a blog post called “Energy Cancelled,” which describes the economics behind the ongoing Russia-Ukraine war and makes a bullish prediction of Bitcoin marching to 7-figures.
Hayes explains in his 26-minute long opinion piece that historians may point to February 26, 2022, as the time in history when the “Petro Dollar / Euro Dollar monetary system” ended.
“For a single Bitcoin, my unit is in the millions. For an ounce of gold, my unit is in the thousands,” he continued.
“That is the magnitude of fiat denominated price that will occur in the coming years as global trade is settled via neutral hard monetary instruments and not the debt-backed fiat currencies of the West.”
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