Why Arthur Hayes Anticipates Ethereum Rising to $20,000

Following a new all-time high price on Friday, Ethereum still has plenty of room to grow—at least according to one of the crypto world’s most vocal supporters.

BitMEX founder Arthur Hayes has once again revised his Ethereum price target, suggesting that the second-largest cryptocurrency could rise to between $10,000 and $20,000 by the cycle’s end.

Hayes shared his predictions, highlighting expectations of aggressive money printing during Donald Trump’s presidency, on the Crypto Banter podcast hosted by crypto influencer Ran Neuner this week, right before Federal Reserve Chairman Jerome Powell’s address at Jackson Hole on Friday.

“I believe ETH will hit $10,000 or $20,000 before the cycle concludes,” Hayes stated when discussing his price estimate. “Once it breaks through that barrier, there’s potential for rapid growth, especially with digital asset treasury firms raising funds. It becomes easier to secure funding if the asset they are acquiring has surpassed its previous high and is on the rise.”

Ethereum began to rise again on Friday, pushing towards its all-time high after a more dovish statement from Powell, indicating a possible rate cut. ETH jumped to a new record of $4,789 on Friday, just surpassing its previous 2021 peak.

This recent increase has been fueled partially by the digital asset treasuries Hayes referred to, including BitMine Immersion Technologies and SharpLink Gaming—two of the largest ETH holders, collectively holding over $10 billion in ETH. Additionally, Ethereum ETFs have played a role, with significant inflows recorded in July, now making up over 5% of the total ETH supply.

Hayes has maintained an optimistic outlook on ETH lately, telling Decrypt in May that he anticipated the second-largest crypto asset would reach $4,000-$5,000 by year-end. He later increased that estimate in July, predicting that ETH would significantly climb to $10,000, again emphasizing its status as one of the “most disliked assets.”

Now, he’s projecting that Ethereum could surge to $20,000 by the end of the cycle, influenced by the anticipated monetary policies under the Trump administration.

In simpler terms, Hayes believes the administration will engage in substantial quantitative easing, a process that creates new money that can be used to acquire financial assets.

“From the middle of 2026 until Trump leaves office, we can expect them to engage in unprecedented money printing,” Hayes explained to Neuner. “My baseline expectation is for a massive bull market across various financial assets tied to whatever Trump deems important before he exits office.”

Hayes has previously cited his belief in intensified money printing and an expanded money supply as the foundation for his year-end Bitcoin prediction of $250,000.

The now-pardoned BitMEX founder is also financially invested in Ethereum’s success, adding approximately 1.8K ETH valued at over $8.6 million since August 10, based on wallet tracking by Arkham Intelligence. His wallet, identified as belonging to Hayes, contains more than $50 million in ETH and staked ETH equivalents.