Markets Outlook Arthur Hayes: 'Hyperliquid is Facing its Gentrification Moment' | Markets Outlook
Sep 23, 2025
Arthur Hayes, Chief Investment Officer at Maelstrom and co-founder of BitMEX, shares his insights from Korea Blockchain Week. He discusses South Korea's vibrant crypto scene, driven by educated retail traders and a unique internet culture. Hayes predicts Bitcoin could hit $250k by year-end, with a potential leap to seven figures by 2028, influenced by political cycles. He also reveals why he exited a major HYPE position due to concerns over token unlocks and competition. Hayes provides a fresh perspective on the interplay between crypto and traditional finance.
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Seoul As A Crypto Trading Powerhouse
- Seoul is the most active crypto trading market in the world, even per capita, driven by educated retail traders.
- Arthur Hayes attributes this to limited local career mobility and a desire to escape traditional monopolistic corporate paths.
Education Drives High-Risk Retail Trading
- Korea's highly educated population trades crypto to escape limited opportunities and societal pressure.
- Arthur links intense retail trading to cultural factors and a flat ecosystem where talent can succeed outside legacy conglomerates.
Political And TradFi Tailwinds For Bitcoin
- Arthur sees U.S. TradFi and politicians benefiting from a crypto boom because it revitalizes government finances and incumbents.
- He predicts Bitcoin could hit $250,000 by year-end and potentially $1M by end of 2028 under those dynamics.