Bitcoin could hit $100K after summer and $125K by 2026, driven by dollar liquidity, says Arthur Hayes.

Arthur Hayes predicts Bitcoin will reach $100,000 after the northern hemisphere summer and climb to $125,000 by the end of 2026, driven primarily by dollar liquidity rather than regulatory changes. He argues that wartime financing through commercial banks enhances liquidity, which supports Bitcoin's price growth ahead of traditional stocks. Hayes also notes that geopolitical tensions, such as in Iran, could affect the timeline but believes markets currently overlook these risks. Additionally, he dismisses the impact of the CLARITY Act on Bitcoin and highlights his investment shift towards Hyperliquid, a permissionless derivatives platform, expecting it to outperform Ethereum in this cycle.