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Despite the recent bloodbath in cryptocurrencies, Bitcoin bull Arthur Hayes said the popular digital coin will reach $50,000 by the end of the year.

Bitcoin's price has been on a wild roller coaster with investors, but "something that goes up to [around] $20,000 in one year can have a correction," Hayes, the co-founder and CEO of BitMEX, said on "Fast Money" Friday. BitMEX, or Bitcoin Mercantile Exchange, is the largest cryptocurrency trading platform by volume.

"We could definitely find a bottom in the $3,000 to $5,000 range," he said. "But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year."

@peakdemand

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