Arthur Hayes Predicts Middle East Conflict Could Ignite a Bitcoin Price Surge

Arthur Hayes Predicts Middle East Conflict Could Ignite a Bitcoin Price Surge

PENGY October 17, 2024, 8:03 am Facebook Twitter


The post Arthur Hayes Predicts Middle East Conflict Could Ignite a Bitcoin Price Surge appeared first on Coinpedia Fintech News

Arthur Hayes, founder of BitMEX, suggests that escalating conflict in the Middle East might drive Bitcoin’s (BTC) value upward. In his analysis, Hayes explains that even if the Israel-Iran situation disrupts Iran’s Bitcoin mining—which contributes roughly 7% to the global hash rate—it’s unlikely to harm Bitcoin’s price. He references China’s 2021 mining ban, which led to a hash rate drop yet had little long-term impact on BTC’s price.

Hayes also believes rising oil prices, if the conflict damages regional oil infrastructure, would benefit Bitcoin. With energy becoming costlier, Bitcoin’s value, as “stored energy in digital form,” could increase. Hayes sees this scenario as highlighting Bitcoin’s resilience and unique economic structure.

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