Boost

Bitcoin

Arthur

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/arthur-hayes-predicts-middle-eastern-conflict-could-boost-bitcoin-prices/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arthur Hayes Predicts Middle Eastern Conflict Could Boost Bitcoin Prices</a><br></p>
<p style="text-align: justify">Arthur Hayes, the founder of BitMEX, proposed that the war environment in the Middle East might positively influence Bitcoin’s price. According to Hayes, Iran’s role in Bitcoin mining could be significant during this period.</p>
<h2 style="text-align: justify" id="iran-s-bitcoin-mining-and-its-contribution-to-hash-rate">Iran’s Bitcoin Mining and Its Contribution to Hash Rate</h2>
<p style="text-align: justify">In his analysis, Hayes evaluated how the conflicts between Israel and Iran could impact the <a href="https://en.coin-turk.com/business-leaders-support-kamala-harris-for-presidency/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/cryptocurrency-prices-increase-amid-market-optimism/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market. He noted that Iranian miners contribute approximately 7% to the global hash rate. This situation highlights the potential effects of Iran’s <a href="https://en.coin-turk.com/paraguay-faces-economic-impact-with-proposed-bitcoin-mining-ban/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency mining</a> sector.</p>
<p style="text-align: justify">Hayes argued that possible attacks by Israel on Iran’s mining sector would not decrease Bitcoin prices. He cited the rapid recovery of the hash rate despite China’s mining restrictions in 2021, during which Bitcoin reached new peaks.</p>
<h2 style="text-align: justify" id="oil-prices-and-bitcoin-relationship">Oil Prices and Bitcoin Relationship</h2>
<p style="text-align: justify">Hayes indicated that if the conflict targets oil infrastructure, oil prices could rise. He suggested that this increase could also affect Bitcoin’s price. Rising energy costs may lead to Bitcoin gaining value against fiat currencies. Hayes stated, “Bitcoin is stored energy in digital form. If energy prices rise, Bitcoin’s value against fiat will also increase.”</p>
<p style="text-align: justify">He mentioned that higher energy costs could challenge some large miners. However, if the hash rate drops, mining difficulty would decrease, allowing new miners to profit despite higher energy expenses.</p>
<p style="text-align: justify">Hayes concluded by emphasizing Bitcoin’s resilience to such economic fluctuations. These evaluations are significant in understanding Bitcoin’s potential in the face of geopolitical developments. Bitcoin may gain value based on fluctuations in energy prices, enabling users to make more informed decisions.</p>
<p>The post <a href="https://en.coin-turk.com/arthur-hayes-predicts-middle-eastern-conflict-could-boost-bitcoin-prices/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arthur Hayes Predicts Middle Eastern Conflict Could Boost Bitcoin Prices</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Arthur Hayes Predicts Middle Eastern Conflict Could Boost Bitcoin Prices

Table of Contents

COINTURK NEWS

Other articles published on Oct 17, 2024

Sui Foundation Denies Insider Trading Allegations Amid $400M Token Sale Claims

US Bitcoin ETFs reach record high with 950,000 BTC in AuM

FLOKI’s Valhalla Welcomes Hafthor Björnsson, “The Mountain” from Game of Thrones, as Official Amb...

Authorities Decide on Do Kwon’s Extradition Case

Euroclear Enters Asian Market with Strategic Investment in Singapore’s Blockchain Firm, Marketnode

Which Cryptos Are Projected for 8000% Gains in the January 2025 Bull Cycle? These 5 Are on the Radar

Join our free newsletter for daily crypto updates!