The Founder of BitMex Says Bitcoin Could Hit 50k in 2018
Speculations regarding Bitcoin’s value aren’t new. Top industry experts, traders, financial gurus, and countless websites have been speculating since Bitcoin was launched into the market.As the most prominent and valuable cryptocurrency available today, Bitcoin can create a great deal of volatility in this market.If people want to invest wisely in this platform, they must keep track of the digital currency’s value.It’s not surprising that one of the key industry players BitMex founder Arthur Hayes joined in on the speculation.
Hayes believes Bitcoin will hit $50,000 value by the end of 2018. His opinion on this prediction didn’t change when values dropped in January though he did point that it was his job to make predictions but he wasn’t concerned about whether he was right or wrong.While many industry experts take such speculations with a grain of salt, they have paid attention to what Hayes has to say.Many known publications in this industry have already published articles citing his comment. Here’s a look at why Hayes’ speculations hold merit:
What is BitMex?
BitMex stands for Bitcoin Mercantile Exchange and it’s a platform designed for advanced currency traders in this industry. Experienced traders can get up to 100 times leverage in contracts and shorting, which increases the chances of making it big profits or losses.Advanced traders are more comfortable with higher risk and that’s why this platform is so popular with them.BitMex only trades in BitCoins, which means profits and losses are made in Bitcoin even if you use altcoin to finance trading. This platform isn’t beginner friendly and not suitable for people looking to invest.It’s the largest trading platform of its kind and holds the record for highest amount of Bitcoins traded in a day, which was 140BTC.
About BitMex founder Arthur Hayes
This platform was founded by Hayes in 2014 and is based in Hong Kong. Hayes chose Asia as the company’s base because Asia markets are more comfortable with digital assets.They have been using different types of digital currencies, including cyptocurrencies like Bitcoin, for a while. This provides a more welcoming environment for a company dealing with advanced trading that other markets in Europe and US don’t offer.Hayes is a Wharton School of Business graduate with ample experience in the trading industry. He was a top trader for traditional financing bigwigs like Deutsche Bank and Citigroup.
Over time, he developed an intuitive understanding of financial trading and became a market maker with skills in Exchange Traded Funds and Financial Derivatives.This industry experience came in handy when he decided to move into the cryptocurrency industry. Bitcoin had taken off spectacularly and many are scrambling to get a piece of this pie. People wanted a stable platform for advanced traders so BitMex delivered. Most focused on an investment space while Hayes relied on his roots to establish a trading space for people looking to profit from movements of the currency value.
BitMex is a popular platform for because it offers a number of benefits to users. There are two types of contracts available; futures contract and perpetual contract.Futures agreement allows users to buy/sell assets at a specific time for a previously set cost. You don’t need to own coins to trade in them. Perpetual contract is similar but is designed for long-term traders so you don’t have to deal with an expiration date.Other benefits include:
- Different Cryptocurrencies – This is futures trading platform so traders only work with Bitcoin, but they can trade contracts for some other currencies like Bitcoin cash, Ethereum, Litecoin, Cardano, and Ripple.
- Transfer Limits – Minimum deposits are low and based on several factors like contract, Initial Margin, etc. There’s no limit on deposit or withdrawal so you can put in as take out Bitcoins without restrictions.
- Fund Security – All funds are stored in multisignature wallets with the highest levels of security. Access is only granted if majority partner allow it and even that is closely monitored. Wallets are stored offline so they’re disconnected from the internet, which reduces risk of hacking.
All of these factors ensure users find this platform trustworthy. BitMex has a good reputation when it comes to customer support. They resolve problems through an email ticketing system, answer questions or comments on Reddit, and have a detailed website.
Most trading experts agree BitMex is a highly reliable platform with a transparent team at the helm. They keep investors, traders, and users up-to-date on all company-related information.While many traders are a part of the company’s affiliate programs, their endorsement is probably based on positive experiences. No established trader would want to risk their reputation on an unreliable platform.The success of this business tells you a lot about BitMex founder Arthur Hayes’ intuition as well as his familiarity with market conditions ensures any predictions he makes have considerable merit.For more information on BitMex, you can check it out HERE!