BitMEX co-founder Arthur Hayes said in his latest blog post: "Bitcoin Value = Technology + Fiat liquidity, this technology works, and won’t change any significant in the near future, for better or worse. So Bitcoin’s trading is based entirely on the market’s expectations of future fiat money supply. If my analysis of the Fed’s main shift from Treasury QT to QE is correct, Bitcoin hit a local low of $76,500 last month and now we are starting to move towards $250,000 at the end of the year. Of course, this is not an exact science, but if I take gold as an example, if I have to place a bet between the time I think Bitcoin would hit $76,500 or $110,000 first, I would bet on the latter. Even if the U.S. stock market continues to fall due to tariffs, earnings expectations collapse or foreign demand declines, I still believe that Bitcoin will continue to climb. Recognizing the pros and cons of it, Maelstrom is deploying capital with caution. We don’t 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 pace of capital deployment will accelerate or slow down based on the accuracy of my forecasts. I still believe that by the end of the year, Bitcoin can reach $250,000.”