Bitcoin could be set for a massive rally as crypto veteran Arthur Hayes projects its price to reach $1 million by 2028. Hayes, Chief Investment Officer at Maelstrom Fund, links this potential surge to a major shift in global capital flows back to the United States.
In Hayes’ words, rising economic tensions between the U.S. and China have changed global investment flows. He believes U.S. capital is now staying at home, and since foreign capital is estimated at $33 trillion, it is likely to do the same. Ten percent of this capital could make a big difference in where Bitcoin’s price is heading.
The cumulative amount of Bitcoin on exchanges is about $300 billion. With so much money trying to get in, the prices could rise more than ten times higher than they are now. In his opinion, investors are using Bitcoin as a chance to get out of weaker traditional markets.
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Trillions May Shift From Bonds to Bitcoin Amid Dollar Weakness
Arthur Hayes highlights a concerning trend for conventional markets. Since 2021, U.S. treasuries have lost 64 percent of their value when measured against gold and 84 percent against Bitcoin. He attributes this decline to a long-standing process that began after the 2008 financial crisis, calling it a “slow default.”
With confidence in bonds and commercial paper weakening, Hayes expects institutional investors to redirect their focus toward alternative assets. Due to its fixed supply and increasing demand, Bitcoin could become a key destination for this incoming wave of capital.
Regardless of his optimistic view, Hayes has been careful in the near term. In January 2025, Maelstrom Fund cut its risk and built up its cash holdings to be ready for possible market shocks. He also believes there will be more opportunities for taking tactical short positions during short-term corrections.
Bitcoin’s price has reduced slightly and is now trading for around $101,800. The crypto sector saw a general drop of 2.8 percent in the total amount of capital. Even so, Hayes considers these brief fluctuations very small when looking at the long-term trend.
Conclusion
Arthur Hayes’ projection suggests that Bitcoin could become a key asset in the global capital shift back to the United States. With trillions possibly moving away from traditional instruments, Bitcoin benefits significantly if just a fraction of that wealth enters the crypto space.
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