On CNBC, BitMEX CEO Arthur Hayes stated that he sees the price of bitcoin reaching $50,000 by the end of 2018, despite the correction the market has seen from February to May.
BitMEX, which supports margin trading, profits from both the downside and upside of bitcoin because traders can register short and long contracts.
“If it goes up, if it goes down, if you have Bill Gates calling it a fraud … Short it, I don’t care. If you think it’s going to be $1 million in a few months, great, buy it. I still don’t care. We just match trades,” Hayes said, emphasizing that his prediction of bitcoin reaching $50,000 is objective as increase in the price of bitcoin does not impact the profitability of the exchange.