BitMEX Founder Arthur Hayes Details Path Forward for Bitcoin Amid an ‘Apocalyptic’ Mood – Here’s His Outlook
BitMEX founder and crypto veteran Arthur Hayes believes that Bitcoin and other cryptocurrencies could benefit from the interest income earned on US government paper. Despite forecasts predicting a significant drop, Hayes expects Bitcoin to only fall by less than 5% from its current level. He points out that the Fed and US Treasury are providing billions of dollars per month to wealthy savers, and some of that money will flow into tech stocks and crypto. Hayes also suggests that Bitcoin’s value proposition grows stronger as the banking system falters, and it benefits from increased fiat liquidity. As long as the Fed continues on its current path, tech stocks and crypto will continue to rise.
Key points:
1. Bitcoin and other cryptocurrencies could benefit from interest income earned on US government paper.
2. Bitcoin is expected to fall mildly by less than 5%.
3. Cash looking for a home in finite-supply financial assets like crypto could contribute to its stability.
4. Bitcoin’s value proposition grows stronger as the banking system falters.
5. Increased fiat liquidity also benefits Bitcoin’s value.
Hot Take
Despite the current market downturn, Arthur Hayes remains optimistic about Bitcoin’s future. He believes that the interest income earned on US government paper and the banking system’s struggles will provide opportunities for Bitcoin and other cryptocurrencies to thrive. As long as the Federal Reserve continues to support the system, Hayes expects tech stocks and crypto to continue rising.
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