BitMEX founder Arthur Hayes predicts that the excessive money printing leading up to the US presidential election in November will cause a significant increase in the value of Bitcoin and other cryptocurrencies.
In his latest analysis, Hayes argues that major economic powers such as the US, China, the European Union (EU), and Japan are devaluing their currencies in order to reduce their debt burdens.
“While we emerge from the period of weakness that I predicted would occur due to US tax payments on April 15th and the Bitcoin halving, I want to remind readers why the bull market will continue and prices will continue to rise. It is rare in markets for the factors that propelled Bitcoin from zero in 2009 to $70,000 in 2024 to also drive it to $1,000,000.
However, the macroeconomic conditions that led to the surge in fiat liquidity, which fueled Bitcoin’s rise, will only become more pronounced as the sovereign debt bubble begins to burst.”
Hayes believes that the current political situation in the US gives him confidence that the government will increase its money printing efforts.
“If you thought it was ridiculous how the US monetary and political elite handled the 2008 Global Financial Crisis and COVID, then you haven’t seen anything yet…
As we enter the summer months in the northern hemisphere and decision-makers take a break from reality, crypto volatility will decrease. This is the perfect time to take advantage of the recent dip in crypto prices and slowly increase your holdings… Whatever type of crypto risk excites you, the next few months will present a great opportunity to increase your positions.”
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