Home Bitcoin Hayes Predicts Early 2024 Crypto Bull Run, Ascent Of Filecoin

Hayes Predicts Early 2024 Crypto Bull Run, Ascent Of Filecoin


On September 13th, Arthur Hayes, co-founder and former CEO of BitMEX, delivered a complete analysis of the crypto panorama at Token2049 in Singapore. His insights, which spanned from macroeconomic traits to the intricate dynamics of AI, culminated in a bullish prediction for Filecoin, a decentralized storage resolution within the crypto area.

Why The Bitcoin And Crypto Bull May Begin Early 2024

Hayes started by dissecting the symbiotic relationship between debt, AI, and the intrinsic worth of Bitcoin and cryptocurrencies. Traditionally, he famous, crypto bull markets have been propelled both by fiat foreign money liquidity or by groundbreaking technological developments.

Nevertheless, a simultaneous convergence of those two driving forces has been conspicuously absent. “Over the previous decade, certainly one of these two elements has at all times been the rationale we’ve had a bull market in crypto. But, we haven’t witnessed a bull market the place each have been current on the similar time,” Hayes remarked.

Assuming that each elements might play out subsequent yr, Hayes ventured a daring prediction for the crypto sector’s trajectory. “I imagine the following bull market in crypto might begin in early 2024. This might probably be probably the most vital bull market not just for cryptocurrencies but in addition for threat belongings for the reason that eras of World Struggle II and the Nice Melancholy,” he said.

Diving deeper into world financial traits, Hayes highlighted the alarming acceleration of world debt, particularly within the wake of the COVID-19 pandemic. He offered a stark image of the US public debt maturity profile, emphasizing the looming challenges. “What do governments resort to when confronted with a mountain of debt that wants issuance, however there’s a dearth of prepared consumers at possible rates of interest? The reply is straightforward: they print cash,” Hayes elucidated.

Because the dialogue transitioned to know-how’s intersection with crypto, Hayes recognized AI because the prevailing zeitgeist. Drawing parallels with previous technological revolutions, he emphasised AI’s transformative potential throughout the crypto house. He cited the meteoric adoption of AI applied sciences, reminiscent of Chat GPT, and the burgeoning investments in AI-centric companies like NVIDIA as testomony to this development.

Will Filecoin Rise From The Ashes?

Hayes then meticulously related the dots between AI’s calls for and the indispensable function of decentralized storage within the crypto ecosystem. He posited that centralized storage options, whereas prevalent, pose vital dangers, particularly for burgeoning AI functions.

“Why does AI, a dominant drive within the crypto and tech sectors, necessitate decentralized storage? Counting on centralized options like Amazon means entrusting huge swathes of information to entities that may unilaterally alter phrases, hike costs, and even shut down providers, probably underneath governmental directives,” Hayes defined.

This line of reasoning led Hayes to highlight Filecoin, emphasizing its significance within the crypto panorama. Regardless of its dramatic worth decline from its zenith, Hayes championed the untapped potential of Filecoin. “Filecoin’s worth within the crypto house isn’t merely speculative. It’s down practically 99% from its peak of $300 to $Three right this moment. But, its tangible utility is obvious, with actual prospects actively utilizing the community and vital knowledge being saved,” he detailed.

Hayes additional highlighted his funding in Seal Storage, a Filecoin storage platform. SEAL has undertaken a undertaking named Atlas, related to CERN, the famend European particle accelerator. By leveraging SEAL, CERN goals to optimize knowledge prices, and in return, SEAL garners rewards in Filecoin for internet hosting this knowledge on the community. This synergy isn’t unique to CERN.

The College of California, Berkeley, recognizing the potential, has built-in SEAL for analogous functions. Moreover, SEAL’s progressive strategy has caught the eye of different prestigious establishments, resulting in collaborative ventures with NASA and varied esteemed universities throughout the US.

At press time, Filecoin (FIL) traded at $3.11

Filecoin FIL crypto
FIL caught in downtrend, 1-day chart | Supply: FILUSD on TradingView.com

Featured picture from Bloomberg, chart from TradingView.com

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