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Arthur Hayes: Bitcoin could rise to $125,000, and 99% of altcoins will become worthless.
➠ The main value of Bitcoin is that it exists outside the usual regulatory system. Its value is determined by fiat liquidity: the more money governments and central banks print, the higher the growth potential of BTC.
➠ Up to 99% of altcoins may become worthless. But that doesn't mean the end of the crypto industry – it's a normal cleansing process during which weak projects exit the market.
➠ I compare this to the S&P 500: since 1929, about 98% of the companies included in the index have been removed from it. But the stock market hasn't disappeared – it continues to set records and grow.
➠ The crypto industry shouldn't strive for complete integration with banks, Wall Street, and regulators. When traditional finance and cryptocurrency try to merge into one hybrid, the market risks losing what Bitcoin was originally created for.