BitMEX co-founder Arthur Hayes stated in a recent blog post: "The value of Bitcoin = technology + legal liquidity. This technology is effective and will not undergo any major changes in the near future, whether good or bad. Therefore, Bitcoin trading is entirely based on market expectations of future legal currency supply. If my analysis of the major shift from the Fed's QT to QE in government bonds is correct, then Bitcoin touched a local low of $76,500 last month, and now we are moving towards $250,000 by the end of the year. Of course, this is not an exact science, but if I had to bet between whether Bitcoin would first touch $76,500 or $110,000, I would bet on the latter. Even if the U.S. stock market continues to decline due to tariffs, collapsing profit expectations, or decreased foreign demand, I still believe that the probability of Bitcoin continuing to rise is greater. Recognizing the pros and cons, Maelstrom is deploying capital cautiously. We do not use leverage, and we make small purchases relative to the size of our total portfolio. We have been buying Bitcoin and altcoins at all levels between $90,000 and $76,500. The speed of capital deployment will accelerate or slow down based on the accuracy of my predictions. I still believe that by the end of the year, Bitcoin can reach $250,000."