Bitcoin and Crypto Set for Bull Market as Gold and Inflation Fears Rise, Says BitMEX Co-Founder
Arthur Hayes, co-founder of BitMEX, believes that Bitcoin (BTC) and the crypto market will enter a full swing bull market due to rising fears of wartime inflation. Hayes expresses his opinion that President Joe Biden’s support of Israel is committing the US to another open-ended conflict, leading to concerns about inflation. He points out that Bitcoin and gold are rallying against a backdrop of a selloff in long-end US Treasuries, signaling anticipation of an inflationary global world war situation. Hayes also predicts that as yields on Treasury bills increase, the Federal Reserve will intervene to fix interest rates at politically expedient levels, prompting investors to rotate out of short-term Treasury bills and into cryptocurrencies. BTC is currently valued at $34,664.
Hot Take: Bitcoin and Crypto Bull Market on the Horizon Amidst Rising Inflation Concerns
BitMEX co-founder Arthur Hayes predicts that Bitcoin and the crypto market will experience a significant bull market soon. He attributes this to fears of wartime inflation arising from President Biden’s support of Israel. As Bitcoin and gold rally against a selloff in US Treasuries, Hayes believes this indicates anticipation of an inflationary global world war scenario. He further suggests that as Treasury bill yields rise, the Federal Reserve will manipulate interest rates to politically advantageous levels, prompting investors to shift from short-term Treasury bills to cryptocurrencies. These factors are expected to drive the Bitcoin and crypto market into a full swing bull market.
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