Bitcoin Could Experience Blow-Off Top by 2027, Says BitMEX Founder
According to BitMEX founder Arthur Hayes, the ongoing reckless money printing by governments worldwide is likely to fuel another bull run for Bitcoin (BTC). In an interview with Laura Shin on the Unchained podcast, Hayes explains that although banks claim to have tight monetary policies and higher interest rates, they are secretly injecting money into the system. This liquidity injection is favorable for Bitcoin and indicates a new bull market. Hayes predicts that Bitcoin will experience a blow-off top sometime before 2027, with 2024 being a choppy accumulation period. Hayes also highlights that rate cut hints from the Federal Reserve are extremely bullish for Bitcoin and crypto.
Bitcoin’s Reaction to Stimulative Money Printing
Hayes suggests that Bitcoin’s positive price reaction since the FTX debacle in November 2022 is evidence of stimulative money printing. Despite official claims of no money printing, there is significant liquidity going into the banking system and interest payments on government debt. This liquidity has also benefited tech stocks in the United States. According to Hayes, this trend will continue in 2024, setting up a choppy accumulation period before the blow-off top occurs between 2025 and 2027.
The Bullish Case for Bitcoin
Hayes emphasizes that there is no excuse not to be long on crypto at this point. He believes that fiat currency is losing its value and encourages people to trust in Bitcoin as a store of wealth. Hayes concludes his interview by stating that he expects Bitcoin’s price to reach $1 million. Currently, Bitcoin is trading at $42,131.
Hot Take: Government Money Printing Drives Bitcoin’s Rise
Arthur Hayes, founder of BitMEX, predicts that the ongoing money printing by governments will propel Bitcoin into a blow-off top by 2027. Despite banks claiming to have tight monetary policies, they are secretly injecting liquidity into the system. This stimulative money printing has led to Bitcoin’s positive price reaction, indicating a new bull market. Hayes advises accumulating Bitcoin in the choppy period of 2024 before the blow-off top occurs between 2025 and 2027. He also believes that rate cut hints from the Federal Reserve are bullish for Bitcoin. Hayes encourages individuals to trust in Bitcoin as fiat currency loses value and predicts Bitcoin’s price to reach $1 million.
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