Jakarta, Pintu News – Arthur Hayes, Chief Investment Officer at Maelstrom, believes that the price of Bitcoin (BTC) could break $250,000 before the end of this year. With about 100 days to go, that would mean a more than doubling of the current Bitcoin price.
In a media interview at the KBW2025 blockchain conference on September 23 at Walkerhill Hotel, Seoul, Hayes expressed his optimistic view. He said that there is an interesting trend in the market that is likely to emerge between the end of the third quarter and the beginning of the fourth quarter.
According to him, this trend could push the price of Bitcoin towards $250,000. Then, how is the current Bitcoin price movement?

On September 24, 2025, Bitcoin was trading at $112,265, equivalent to IDR 1,875,814,415, marking a modest 0.13% gain over the past 24 hours. During the same period, BTC dipped to a low of IDR 1,857,892,209 and climbed to a peak of IDR 1,892,173,324.
At the time of writing, Bitcoin’s market capitalization is estimated at around IDR 37,231 trillion, while its 24-hour trading volume has dropped 30% to IDR 773.38 trillion.
Read also: As Gold Surges, Will Bitcoin Follow and Reach $150K in 2025?

Hayes’ optimism is rooted in expectations of additional liquidity from the United States. He explained that the US Treasury plans to pursue a policy of currency expansion, while a series of further interest rate cuts from the Fed are also expected.
According to him, if the Treasury Department increases the currency supply, it will have a short-term positive impact on Bitcoin-especially if it coincides with the Fed cutting interest rates.
However, recent developments at the Fed have been more complicated than Hayes predicted. Some Fed officials who previously supported a rate cut in September have expressed their doubts regarding further cuts in October, through public speeches on Monday.
Hayes predicts that President Donald Trump’s efforts to remove current Fed members will eventually succeed. He believes that their positions will be replaced by officials who are more in line with Trump’s policies.
Read also: Michael Saylor’s Firm Strategy Scoops Up 850 Bitcoin Despite Market Downturn
“Trump is trying to get rid of those who oppose him at the Fed and replace them with people who support his policies,” he said.
According to Hayes, this will eventually lead to more money printing and the continued implementation of expansionary economic policies.
Regarding Bitcoin’s four-year cycle, Hayes is neutral. He mentions that this theory can be considered irrelevant, but it can also be considered valid.
The four-year cycle theory assumes that the Bitcoin price peaks once every four years. Typically, the big rise starts about six months after the halving event and peaks about 550 days later. Based on this theory, the Bitcoin price should have peaked in October this year.
However, Hayes emphasizes that the main factor he is most concerned about is liquidity.
“With the projected increase in global currency supply, there is a high probability that the market cycle will be longer,” he explained.
Previously, Hayes had praised Ethena (ENA) in early August, but soon sold his entire stake for $4.6 million. Later that month, he also expressed optimism about the Hyperliquid (HYPE) token.
However, on Monday (22/9), he sold his entire position in the token for $5 million.
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