Chief Investment Officer of Maelstrom and co-founder of BitMEX, Arthur Hayes, has delivered one of his boldest predictions yet. Speaking in Seoul at the Blockchain Conference KBW2025 on September 23, he said Bitcoin could hit $250,000 before the year ends and climb to $3.4 million by 2028.
His forecast comes with just over 100 days left in the calendar year. Hayes based his outlook on U.S. monetary policy shifts, upcoming Federal Reserve actions, and political changes he believes will expand liquidity across global markets.
Hayes Ties Bitcoin Growth to US Liquidity Expansion
Hayes told the audience in Seoul that the key factor behind his forecast is liquidity expansion. He believes the US Treasury is preparing a currency expansion plan, while the Federal Reserve is leaning toward a series of interest rate cuts. According to him, this combination will release more money into financial markets, creating a bullish environment for Bitcoin.
Arthur Hayes predicts that if the Fed adopts large-scale money printing under Trump’s yield curve control plan, over $15 trillion in new credit could be created by 2028 — potentially driving Bitcoin to $3.4 million, far above its current ~$115,000. He stressed the target is…
— Wu Blockchain (@WuBlockchain) September 23, 2025
The BitMEX co-founder explained that if the Treasury increases supply at the same time the Fed slashes rates, Bitcoin will benefit directly. Liquidity, he argued, remains the single most important indicator for Bitcoin’s short-term and long-term growth. Hayes also noted that this liquidity cycle could extend the traditional four-year Bitcoin price cycle, making new highs possible well beyond October 2025.
Still, he admitted conditions remain complicated. Some Fed officials who backed a September rate cut have expressed doubts about another in October. Despite that, Hayes said the overall trajectory favors easier money and stronger Bitcoin prices.
He also tied political developments in the US to his forecast. Hayes believes President Donald Trump’s push to remove opposing Fed members will succeed, replacing them with allies supportive of aggressive monetary expansion. He said this shift will ensure “more money printing” and fuel higher valuations for Bitcoin.
Bitcoin’s Long-Term Outlook and Market Reactions
Beyond the year-end target of $250,000, Hayes said Bitcoin could reach $3.4 million by 2028 if liquidity expansion continues globally. He framed this forecast as part of a bigger cycle, where increasing currency supply worldwide creates the conditions for sustained growth in decentralized assets like Bitcoin.
“Trump has approximately three years left to juice the markets, which equates to $7.569 trillion of bank loans issued. That brings the total Fed plus commercial banking credit growth to $15.229 trillion…The slope of the percentage increase in Bitcoin to a dollar of credit growth was ~0.19. Ladies and gentlemen, that results in a 2028 Bitcoin price prediction of $3.4 million,” Hayes remarked.
This forecast comes as Hayes continues to make waves in crypto markets with his trading activity. In August, he praised ENA before selling $4.6 million worth of tokens. Weeks later, he expressed confidence in HYPE before liquidating a $5 million position. Those moves show his willingness to shift rapidly, often influencing sentiment in smaller markets.
Arthur Hayes(@CryptoHayes) just sold all 96,628 $HYPE($5.1M) he bought a month ago, making ~$823K(+19.2%).
During his speech at the WebX Summit on Aug 25, he predicted a 126x upside for $HYPE, but is now out with less than a 20% gain.https://t.co/B6z5x7dOsv pic.twitter.com/69s0ZzIIii
— Lookonchain (@lookonchain) September 21, 2025
His forecast also lands as investors track the performance of other networks such as Cardano. The blockchain, known for its focus on scalability and research-driven development, has tried to hold investor interest during Bitcoin-led cycles.
If Hayes’s projections prove accurate, Bitcoin’s rally could reset the price action for every major cryptocurrency. Today, Bitcoin is trading at $112,796, running almost flat over the last 24 hours, per CoinMarketCap data. Thus, a run to $250,000 by the end of the year would shock the crypto market. On the other hand, a sustained rise to $3.4 million by 2028 would herald a new dawn for digital assets.
[…] on X, he expressed that developers must focus on building systems. These systems need to make Bitcoin capable of functioning across planetary distances. Latency tolerance, in his view, will be critical […]
[…] By September 2025, Hayes’ overview had actually come to be even more favorable. Speaking at the Blockchain Meeting KBW 2025 in Seoul, he forecasted that Bitcoin might reach $ 250, 000 by the end of the year and even $ 3 4 million by 2028 He connected this positive outlook to expected united state financial plan changes, including prospective currency growth strategies by the U.S. Treasury and a series of rate of interest cuts by the Federal Book. Hayes noted that if the Treasury enhances money supply while the Fed lowers prices, it would favorably affect Bitcoin’s cost. ( the-blockchain. com […]