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BTC to reach $50,000 by year-end, predicts CEO of largest Bitcoin exchange

BTC market symbol cryptocurrency rising above the united states dollar

Seldom a day goes by without some outlandish Bitcoin prediction popping up, but not often do we see such a bullish one from a big player in the bitcoin derivatives exchange market.

Co-founder and CEO of BitMEX, the mercantile exchange based in the Seychelles, believes Bitcoin will hit $50,000 before we celebrate the arrival of 2019.

In an interview with CNBC, Arthur Hayes discussed his optimistic prediction. He says he wasn’t worried at the start of this year when Bitcoin was trading very low and feels it’s his job to make predictions, irrelevant of their outcome.

His predictions might be hard for some to swallow, considering Bitcoin has been floating just over the $8000 mark for a while now without showing signs of any significant gains in the near future. However, as history has shown, that could easily change in a very short space of time.

Hayes mentions how he’s a volatility trader and as such has likely had ample opportunities with the massive fluctuations in the Bitcoin market recently. When asked why he chose Hong Kong to trade from rather than the U.S., he explained that trading of digital assets is far more established in Asia than western societies.

BitMEX is currently the world largest bitcoin trading platform, aimed at retail investors and focused mainly on the Asia market. It features more advanced instruments not usually seen on spot trading platforms, such as derivatives, swaps, margin trading and 100x leverage. It also supports futures for Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.

Image From Shutterstock

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