Bitcoin is yet to rebound from the shock news of South Korea’s ban on crypto trading but Mr Hayes forecast the cryptocurrency will double its value in 2018.
The bitcoin trader said the investment is bound to influence the price of the cryptocurrency as people drive attention to the phenomenon.
Mr Hayes said: “The reason why I think bitcoin will hit the $50,000 level is because people will want to get involved. This is the sort of excitement that has been missing from the traditional asset market since the global financial crisis of 2008.
“People are going to dip their toes further into this market and, as a general price movement, the more of this retail that enters the market will take the price higher.”
Mr Hayes added that bitcoin’s price will also benefit from investors exploring the possibilities offered by cryptocurrency in the finance sector.
Speaking to CNBC, he continued: “A five-extra turn from $10,000 is not something that’s out this realm of possibilities. It’s gonna get there because more people are going to put small amounts of money into this base. This is a retail-led phenomenon.
“I think it’s the year when people get a first inkling of why you should get involved with cryptocurrencies. The attention being showered upon the industry by the media is obviously leading more and more new people to get involved and now they’re just starting to learn what all these different coins and tokens really are.”
Bitcoin’s popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.
According to Coindesk, bitcoin was trading for $13,933.37 at 2.59pm.
Earlier this week CoinMaketCap appeared to trigger a Ripple crash when it ceased to track Korean exchanges in its valuations.
Ripple’s signature XRP token plummeted as much as 55 percent on its January 4 record price of £2.84 ($3.84) to as low as £1.26 ($1.70) at 8.34am on Wednesday.
Ripple, however, seemed to recover from the slump, trading for $2.07 at 3pm on Friday, January 12, 2018.
The latest rise in XRP comes after money transfer giant MoneyGram announced plans to use it for faster international payments.
BitBull Capital boss Joe DiPasquale predicts that XRP will continue to perform well on the market if partnerships like the MoneyGram deal continue.