Co-founder of BitMEX and well-known cryptocurrency supporter Arthur Hayes has stirred up controversy in the cryptocurrency world once more with his audacious prediction of the price of Bitcoin (BTC). Using his official X account, Hayes discussed the difficulties that the New York Community Bank (NYCB), which is in danger of failing, is currently facing.

NYCB has faced severe challenges recently, and there are rumors that it may shortly declare bankruptcy. The recent "junk" credit rating downgrading of NYCB by Moody's adds to the bank's problems. Drawing comparisons with the demise of financial entities such as Signature Bank, which purportedly acted as the acquirer of the cryptocurrency-focused bank upon its collapse in the previous year, Hayes asserts that bankruptcy may be the next stage.

Hayes believes that the problems facing NYCB are representative of larger problems in the banking industry, whose conventional monetary theories he believes are unworkable. According to Hayes, Bitcoin is the only workable answer in light of the current banking crisis. He believes that in an attempt to turn things around, the Federal Reserve would issue more money, which would only make matters worse and boost the value of Bitcoin.

Hayes makes a daring prediction in his most recent piece that Bitcoin might reach $1 million. This is regarded as one of his most ambitious predictions for the cryptocurrency to date. Although Hayes' prediction seems bold, he is not the only one who is optimistic. Another well-known name in the cryptocurrency world, Samson Mow, concurs with Hayes' optimistic view. Nonetheless, Mow highlights many drivers of Bitcoin's expansion, including as the market for spot ETFs and the impending halving.

Beyond Hayes and Mow, other prominent experts, like Cathie Wood from Ark Invest, have also expressed outstanding bullish expectations regarding the future of Bitcoin. Many industry experts continue to be firm in their trust in Bitcoin's potential as a revolutionary asset, even as the cryptocurrency ecosystem changes and financial worries endure.