BitMEX Co-founder Anticipates Market Response to Bitcoin Bull Run in 6-12 Months
Summary:
BitMEX co-founder Arthur Hayes predicts that the market will respond to Bitcoin's bull run within the next six to 12 months. Hayes believes that the bull run started in March when the Federal Reserve took over Silicon Valley Bank. This move by the Fed pushed traders towards Bitcoin as a fixed-supply asset, resulting in the current price surge. Hayes expects a turnaround in the market in the coming months, regardless of the Fed's actions.
BitMEX co-founder and former CEO, Arthur Hayes, predicts that the market will respond to Bitcoin's six-month bull run within the next six to 12 months. Hayes believes that the bull run began on March 10, the day Silicon Valley Bank was taken over by the Federal Deposit Insurance Corporation. This takeover was prompted by the liquidation of Silvergate Bank and the forced closure of Signature Bank by New York regulators. In response, the Federal Reserve created the Bank Term Funding Program, which offered banking loans in exchange for collateral. According to Hayes, this move by the Fed pushed traders to consider fixed-supply assets like Bitcoin, leading to the current price increase. Despite the market's slow response, Hayes expects a turnaround in the next several months, regardless of whether the Fed raises interest rates or continues to "print more money.
Published At
9/5/2023 8:04:18 AM
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