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Bitcoin could reach $100,000 after the northern hemisphere summer, with a potential move toward $125,000 by the end of 2026 if macro liquidity conditions continue to improve, according to Hayes.
Hayes said the main driver behind the outlook is expanding dollar liquidity and broader global macroeconomic conditions, rather than regulation or political developments.
Hayes argued that Bitcoin is already outperforming traditional markets such as the Nasdaq. He expects that relative strength to continue into the fall, provided geopolitical and economic risks remain contained.
He also highlighted Hyperliquid as an example of a project drawing meaningful liquidity and user engagement, suggesting market attention may be shifting away from meme-driven cycles.
Hayes was critical of U.S. crypto regulation efforts, including proposed frameworks such as the Clarity Act. He argued that Bitcoin does not require government oversight and should remain permissionless and global rather than being integrated into traditional financial rule sets.
He said he would prefer that such legislation not pass, warning that efforts to make crypto resemble traditional finance could undermine its core value proposition.
Politically, Hayes downplayed the significance of election outcomes or policy promises, including past expectations tied to U.S. leadership.
Instead, he emphasized that liquidity expansion remains the dominant force behind Bitcoin’s price trajectory, while regulatory developments play a secondary role at best.
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