Bitcoin's Bull Market to Reignite With Anticipated US Economic Shift, says Former BitMEX CEO
Summary:
Arthur Hayes, former CEO of BitMEX, anticipates an escalation in Bitcoin’s bull market due to financial transformations in the US. Instead of focusing on the Federal Reserve, Hayes says investors should look towards Treasury Secretary Janet Yellen. She oversees the potential release of $1.4 trillion liquidity into the economy, an event which could reignite the crypto bull market. The mainstream success of Bitcoin also plays a role in increasing its value, despite a recent slump in its ETF inflow streak.
Arthur Hayes, ex-CEO of BitMEX crypto exchange, predicts a potential reinvigoration of Bitcoin's (BTC) bull market due to forthcoming economic changes in the United States. Chances of the Federal Reserve reducing interest rates to stimulate economic liquidity appear slim, but for Hayes, the attention should be on US Treasury Secretary, Janet Yellen instead. The quarterly refunding document to be released on April 29 by the US Treasury will outline the government's approach to managing liquidity. Key focuses will be the Treasury General Account (TGA) and Reverse Purchase Agreements (RRPs). Hayes contends it's vital to pay attention to Yellen, based on the theory that US dollar printing will accelerate towards the upcoming Presidential Election period and beyond. The possible TGA depletion or money drawn from RRPs could result in a $1.4 trillion liquidity reinfusion into the economy. Hayes maintains that such an event could trigger a stock rally and reignite a strong upward trend for cryptocurrencies. Moreover, Bitcoin’s increasing mainstream popularity could also boost its value. Although the U.S spot Bitcoin exchange-traded funds (ETFs) haven't reached their peak audience yet, they've marked the most impressive ETF debut in history. Eric Balchunas, Bloomberg ETF analyst, doesn't see the recent slowdown in inflows as a worry, stating the cooling-down period was overdue. Cathie Wood, CEO of one spot Bitcoin ETF provider, ARK Invest, believes this trend will continue to gain momentum. This article does not propose financial advice or suggestions. Investing and trading involve risks, hence audience should undertake their own research before any decisions.
Published At
4/26/2024 11:25:00 AM
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