Bitcoin Projections: BitMEX Co-Founder Foresees 7-Figure Milestone
Arthur Hayes, a co-founder of BitMEX, has emphasized his view that Bitcoin is destined for a remarkable surge in value, projecting it to reach a seven-figure price.
He attributes this anticipated increase to the implementation of a monetary policy technique known as yield curve control (YCC). This strategy, utilized by central banks, involves the strategic purchase of long-term bonds to manage long-term interest rates at desired levels.
Hayes argues that despite the Federal Reserve’s tightening efforts, the broader U.S. government inadvertently sustains a loose monetary environment. Notably, he maintains that this could act as a catalyst for Bitcoin’s exponential growth.
Earlier in March, Hayes had outlined his initial prediction regarding Bitcoin’s potential to hit the million-dollar mark in an essay. His reasoning then was based on the impact of changes in China’s monetary policies, which he believed would trigger a significant surge in Bitcoin’s value.
READ MORE: Frankfurt Bitcoin Miner Secures Massive Tether Funding for Innovation
He further notes that the recent decision by the Federal Reserve to pause interest rate hikes suggests an opportune time to reinforce financial assets. According to Hayes, this move by the Fed might encourage other central banks to adopt similar relaxed monetary policies.
The Powell Pivot:
"Slowing down is giving us, I think, a better sense of how much more we need to do, if we need to do more"
But every measure of inflation is above the Fed target of 2%? Guess it's time to pump financial assets. pic.twitter.com/D2ySQHis8l
— Arthur Hayes (@CryptoHayes) November 1, 2023
Hayes intends to diversify his investments away from treasury bills, redirecting his focus toward Bitcoin and other digital assets. He anticipates that the Fed’s pause in policy changes might prompt other central banks to initiate extensive monetary printing, leading to substantial economic stimuli from major economies such as China, Europe, and Japan.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
