In an interview with Fortune Crypto, Hayes predicted a sharp rise in Bitcoin’s price and the activation of a new altseason in the coming months.
Speaking with journalist Anna Tutova at the Token2049 conference in Dubai, Hayes also explained his views on gold, discussed when Ethereum could start rising, and gave his assessment of Donald Trump’s cryptocurrency policy.
Financial Tricks of the U.S. Treasury
Hayes believes that official borrowing statistics understate the true scale of the deficit. He claims that the U.S. Treasury is spending from its main account (TGA) and activating “extraordinary measures” — workaround mechanisms that allow spending without recording new debt. According to him, expenditures rose by 22% in Q1 2025 compared to the same period last year.
“This is essentially a hidden increase in the money supply, which creates additional liquidity in the market. And that supports Bitcoin’s growth,” Hayes stated.
He believes the local bottom for BTC was reached on April 9, and the next movement will be upward. Earlier, amid a new trade agreement between the U.S. and China, Bitcoin broke through $105K, but later corrected to its current level of $102,593.
Criteria for the Start of Altseason
Hayes named specific levels that would signal a massive capital rotation into altcoins. In his view, Bitcoin needs to break through the $110K mark, with trading volumes rising and the price reaching $150K–$200K. He expects this between July and September.
However, he does not anticipate a repeat of the 2021 madness.
“This won’t be a supercycle where every token grows 100x. Some coins will soar, but old altcoins without liquidity and users will stay down,” Hayes added.
Notably, his forecast aligns with market participants in South Korea, who also expect altseason in Q3.
According to Hayes, when allocating capital, he focuses only on projects that can outperform Bitcoin in returns. He believes Ethereum may show better performance than Solana.
“Everyone criticizes Ethereum, but it’s still the safest blockchain with the largest number of developers and the highest TVL,” he said.
Last week, according to Santiment, ETH rose by 49% despite trader skepticism.
Position on Gold
Hayes revealed that around 20% of his portfolio is held in gold. He owns physical metal and shares of gold mining companies.
“Central banks are buying gold, and I believe the U.S. might revalue its reserves to devalue the dollar. The target is $10K–$20K per ounce,” Hayes added.
Expectations for Trump’s Policy
Hayes assumes that Donald Trump’s administration will generally be friendly toward cryptocurrencies but advises against having illusions. In his opinion, Trump has many priorities, and crypto is not at the top: “You just need patience.”
Bitcoin Price Forecasts
Hayes stated that he expects BTC to reach around $250K by the end of 2025, and potentially up to $1 million by the end of Trump’s presidential term in 2028. He is confident that Bitcoin’s market dominance will continue to grow and that its explosive growth phase has already begun.
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