BitMEX co-founder Arthur Hayes has forecasted that Bitcoin could reach $200,000 by the end of 2025, driven by U.S. Treasury bond buybacks. Hayes suggests that such a program would inject liquidity into the economy, reduce Treasury market volatility, and potentially redirect investor interest towards riskier assets like Bitcoin. Looking further ahead, Hayes envisions Bitcoin reaching $1 million by 2028. He attributes this long-term bullish outlook to ongoing U.S. fiscal spending and political developments, which he believes will erode confidence in fiat currencies and enhance Bitcoin's appeal as a hedge.