The Daily: Arthur Hayes doubles down on $1 million bitcoin call, FIFA to launch EVM-compatible blockchain and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Mixed economic data has analysts eyeing a potential dovish Fed pivot — a move that could be a boon for bitcoin.

In today's newsletter, Arthur Hayes says, "It's time to go long everything" as he reiterates his $1 million bitcoin price target, FIFA plans to launch its own EVM-compatible blockchain, BlackRock files to offer tokenized shares of a $150 billion fund and more.

Meanwhile, the BTC price looks "strong" ahead of a key Strategic Bitcoin Reserve deadline, according to K33. Plus, Coinbase urges the U.S. Supreme Court to weigh in over the IRS's access to customer data.

Let's get started.

Arthur Hayes' $1 million bitcoin price prediction

Arthur Hayes told TOKEN2049 attendees in a keynote speech in Dubai on Wednesday, "It's time to go long everything," repeating his $1 million bitcoin price prediction by 2028.

• The Maelstrom CIO argued that the U.S. will need to inject more dollar liquidity — similar to quantitative easing measures — which would drive up crypto and equity markets.
• Hayes said the current tariff-driven market stress echoes past crises that triggered large-scale liquidity responses, comparing today's macroeconomic fears to Q3 2022, just before FTX collapsed and the Federal Reserve injected $2.5 trillion via its repo program.
• Hayes noted that Fed Chair Jerome Powell isn't a fan of President Trump and is unlikely to intervene to help fix the markets.
• However, he argued that even if the banking system wouldn't directly fund the repair, relative value hedge funds would do so through Treasury buybacks, increasing liquidity.

FIFA plans to launch EVM-compatible blockchain

Soccer's global governing body FIFA plans to launch its own EVM-compatible blockchain that will host its fan-focused NFT collection, moving away from Algorand and Polygon.

• The new network, called FIFA Blockchain, will become the exclusive home for the FIFA Collect NFT series, only supporting EVM wallets like MetaMask, with migration starting no earlier than May 20, according to its website.
• FIFA says the switch will improve wallet compatibility, unlock new experiences, and lay the groundwork for future innovations.
• FIFA first launched its NFT platform and collection in 2022, partnering with Layer 1 network Algorand to immortalize moments from World Cup tournaments onchain. It expanded to Polygon a year later.

BlackRock files to offer tokenized shares of $150 billion fund

BlackRock has filed with the SEC to launch tokenized DLT shares of its $150 billion Treasury Trust money market fund using blockchain technology.

• The DLT shares will be sold solely via BNY Mellon, with a minimum initial institutional investment of $3 million, and tracked on a distributed ledger.
• BlackRock's move aligns with CEO Larry Fink's previous remarks stating tokenization will "revolutionize investing" by enabling instant settlement, fractional ownership and democratized access.
• Fink acknowledged insufficient identity verification infrastructure remains a bottleneck, but once that's resolved, he expects tokenized funds to become as familiar to investors as ETFs.
• Meanwhile, at TOKEN2049, BlackRock Head of Digital Assets Robert Mitchnick said Bitcoin ETF flows are "back in a big way," as holdings shift from retail to institutional clients.

ZachXBT says $330 million bitcoin theft victim is an 'elderly' person in US

ZachXBT said on Wednesday that the victim of a recent $330 million bitcoin theft is an "elderly" U.S. resident targeted through social engineering.

• The attacker drained 3,520 BTC from the victim's wallet on Sunday, then laundered the stolen funds across six exchanges and converted them into the privacy-focused cryptocurrency Monero, according to the onchain sleuth.
• The substantial XMR buying pressure helped trigger a 50% price spike due to thin liquidity on the platforms involved.
• ZachXBT also noted that the bitcoin originated from "interesting" sources, raising questions about how the victim first acquired it.

Entertainment company acquires rights to story behind Brit's lost $800 million bitcoin fortune

Entertainment startup Lebul has acquired exclusive rights to produce a docuseries, podcast and social content about James Howells' $800 million lost bitcoin fortune, buried in a Welsh landfill since 2013.

• The project, titled "The Buried Bitcoin," aims to dramatize Howells' real-life treasure hunt while exploring the story's legal, environmental and technological dimensions.
• Despite losing court battles to access the garbage dump, Howells previously said he might try to buy the site or even launch a token to help fund his recovery efforts.

In the next 24 hours

• U.S. jobless claims data is released at 8:30 a.m. ET on Thursday.
• Sui, dYdX and 1inch are set for token unlocks.
• TOKEN2049 concludes in Dubai.

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