As Bitcoin hit its all-time high over the last weekend, the world’s oldest and most popular cryptocurrency might still have room to grow. Crypto billionaire Arthur Hayes predicts that Bitcoin will surge thanks to France’s massive government debt, which, according to him, will be financed through money printing by the European Central Bank (ECB). Hayes also expects Ethereum to reach $10,000 by the end of 2025.

Crypto mogul and former BitMEX CEO Arthur Hayes has turned his criticism from the Federal Reserve to the Eurozone. In his latest blog post titled “Bastille Day”, he claims that France’s financial troubles could trigger excessive money printing by the ECB, ultimately benefiting Bitcoin.

„France is in deep trouble,“ says Hayes.

Hayes argues that France, the second-largest economy in the Eurozone, carries the region’s highest debt burden. To prevent an economic collapse, the ECB will have no choice but to print money, he predicts.

“The ECB will valiantly print money to forestall the loss of its raison d’être,” He continued: “It shall be a glorious day for the faithful as printed euros will combine with printed dollars, yuan, yen, etc., to bid up the price of Bitcoin. Either the ECB presses the Brrr button now and implicitly finances the French welfare state, or it does it later when French capital controls threaten to destroy the euro. Either way, money gets printed in the trillions of euros. Bitcoin doesn’t care.”

Bitcoin could hit $1 million

Hayes’s comments echo his previous warnings about the U.S. Federal Reserve and its expansionary monetary policy. Earlier this year, he forecasted that Bitcoin could reach $1 million by 2028, and Ethereum could soar to $10,000 by the end of 2025.

While some may find these predictions too optimistic, Bitcoin’s rally has been remarkable. Over the weekend, the cryptocurrency briefly surpassed $125,000 before stabilizing near $121,000. It’s now up 10% week-on-week, 34% year-to-date, and 102% year-on-year.

The recent price jump came shortly after the Fed implemented its first interest rate cut since December 2024. Markets expect more cuts ahead, with CME’s FedWatch tool showing a 96% chance of another cut in October and an 86% chance of one in December. Analysts at JPMorgan have raised their year-end Bitcoin target to $165,000, arguing that investors are increasingly turning to Bitcoin as a hedge against dollar debasement.

Sources:

https://finance.yahoo.com/news/bitcoin-billionaire-arthur-hayes-predicts-203319896.html

https://cryptohayes.substack.com/p/bastille-day

https://finance.yahoo.com/news/bitcoin-price-surges-time-high-053751894.html

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

https://bitcoinmagazine.com/markets/jpmorgan-says-bitcoin-price-undervalued