- Arthur Hayes, the former CEO of the cryptocurrency exchange BitMEX, believes that Bitcoin is signaling explosive growth in the future.
- Hayes thinks that if long-term US Treasury bonds fail to provide investors with security, they will start looking for alternatives.
- At the beginning of the week, the price of Bitcoin reached the highest level in a year and a half. On the night of October 24, it surpassed $35,000 for the first time since May 2022.
Arthur Hayes, the former CEO of BitMEX, anticipates that the recent Bitcoin rally will continue: The US could be a significant factor!
Hayes Expects Further Upside for Bitcoin
Arthur Hayes, the former CEO of the cryptocurrency exchange BitMEX, believes that Bitcoin is signaling explosive growth in the future. According to Hayes in a blog post, the United States is increasingly investing in two new wars while the risk of global conflict escalating is rising.
The US Federal Reserve is grappling with ongoing inflation but has taken a break from raising interest rates, which suggests an impending strengthening of the economy, a so-called bearish trend. Hayes stated:
“The structural risk mitigation needs of banks and the borrowing needs of the US war machine feed each other in the US Treasury market.”
Hayes believes that if long-term US Treasury bonds fail to provide investors with security, they will start looking for alternatives. He added that gold and, more importantly, Bitcoin (BTC) will rise due to increasing global inflation fears during times of war. Hayes continued:
“When everyone realizes the game we’re playing, the Bitcoin and crypto bull market will continue at full speed.”
Bitcoin price reached a critical turning point
At the beginning of the week, the price of Bitcoin reached the highest level in a year and a half. On the night of October 24, it surpassed $35,000 for the first time since May 2022. Following this, shares of companies related to cryptocurrency began to gain value.
Experts mention that expectations for the creation of a Bitcoin ETF in the United States and the likelihood of escalating conflicts in the Middle East are impacting the crypto market. Additionally, Charles Yu, an employee of Galaxy Digital, predicts that the spot Bitcoin ETF market will reach a market value of $14.4 trillion within the first year after its launch.
