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Arthur Hayes warned that 99% of altcoins could disappear. This strengthens the prediction that the next bull run in the cryptocurrency market may not be a period where all assets thrive, but rather a large-scale culling.
According to cryptocurrency media outlet U.Today on May 5 (local time), BitMEX co-founder Arthur Hayes warned at Consensus Miami 2026 that the majority of altcoins are destined to fail, while predicting that Bitcoin (BTC) could reach $125,000 by the end of the year.
Hayes viewed the mass extinction of altcoins as a necessary purification process for the market. He compared this trend to the historical replacement of constituent stocks in the S&P 500 since 1929. Hayes believes that even if excessive projects undergo a "brutal flush," the altcoin ecosystem itself will survive.
Regarding Bitcoin's outlook, he considered global liquidity more important than regulation. Hayes stated that he doesn't have high hopes for the U.S. cryptocurrency market structure bill, saying that regulatory bills alone are unlikely to move the market. He added that Bitcoin needs only one catalyst to reach its year-end target of $125,000: "Print more money. It's that simple. I try to keep it very simple."
Hayes defined Bitcoin as a unique asset combining technology stocks and primordial liquidity. He emphasized that in the current macroeconomic environment, liquidity is the only truly important indicator. He explained that if the U.S. Federal Reserve, U.S. Treasury, and central banks around the world continue to supply liquidity by printing money and buying bonds, this flow of funds could overwhelm potential burdens like AI-driven deflation and push Bitcoin higher.
In a recent interview with Kyle Chasse, Hayes also strongly denied the four-year cryptocurrency cycle theory. He explained that macroeconomic factors, not halving schedules, drive his model. Considering the structure where governments worldwide are compelled to print fiat currency, the market is underestimating the upside potential of traditional stocks and cryptocurrencies, and Bitcoin, he believes, will significantly outperform the S&P 500 and other traditional assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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