Arthur Hayes, the CEO of BitMEX, the Bitcoin Futures exchange giant, is predicting that the stimulus binge from the US government will push the Bitcoin price to $20,000 this year.

In a recent edition of his Crypto Trader Digest, Hayes stated that the US government can print more dollar notes to initially control the crisis caused by the pandemic. However, he believes that this action will rather trigger a widespread fallout that will destroy the global economy. According to Hayes, the US dollar will not flow to businesses and countries that will need them most, partly due to declining demand for foreign goods and heavy hoarding of cash from American banks.

Hayes stated that:

“The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset.”

According to Hayes, Bitcoin rather stands to benefit especially should the US decide to issue digital dollar. He stated that, in order to solve the declining demand and supply issue, the governments will be embarking on the greatest fiscal stimulus binge that has ever happened in the world. He said it cannot be paid for by tax receipts, since 30% of the population is now out of job.

Therefore, Hayes believes that in order to give money directly to the people, the governments will have to digitize currencies. When this happens, Hayes claims it will educate the general public on digital money. He said once the people understand fiat digital money, they will seek out the hard version, which is Bitcoin, to avert the ravages of inflation.

In the short term, Hayes says he expects the global market to face another crisis and the S&P 500 to retest 2,000. He also predicted that Bitcoin could also easily crash to $3,000 levels, warning traders to buy the dip at their own risk. Notwithstanding, Hayes strongly believes that Bitcoin could reach $20,000 by the end of 2020.