Authur Hayes, the co-founder of BitMEX crypto exchange has dropped his bullish price expectations for the largest cryptocurrency by market capitalization — Bitcoin (BTC).
As implied by the crypto veteran in a Wednesday tweet, BTC could touch $1,000,000 per coin given the rate at which the United States Federal Reserve is hiking rates. This represents a 3,500% increase for BTC from its price of $27,800, at the time of writing.
According to him, the Feds Chair Jerome Powell would soon resort to reducing interest rates to battle the recession.
More so, Hayes opined that this would introduce more liquidity to the crypto market and in turn, fuel the expected explosive BTC price rally. Also, he revealed his plans to accumulate more Bitcoin.
The BitMEX co-founder wrote, “The faster Powell hikes, the faster he will have to cut. I will be buying all dips in $BTC. Thank you ser for more entry points.
BTC = $1mm
banktermfundingprogram = Yield Curve Control”
Notably, Hayes affirmed his $1,000,000 Bitcoin price prediction in another tweet today, showing how the Federal Reserve is kick-starting Yield Curve Control (YCC).
When a government buys bonds to keep long-term interest rates at a specific target, this monetary policy is called Yield Curve Control.
The tweet read:
“Yellen starts off very slowly on the road to Yield Curve Control. Welcome to the start of financial repression. You can either be a sucker or a saint as far as your capital is concerned. Treat your capital well and it will treat you well. $BTC = $1mm”
Yellen starts off very slowly on the road to Yield Curve Control. Welcome to the start of financial repression.
You can either be a sucker or a saint as far as your capital is concerned.
Treat your capital well and it will treat you well. $BTC = $1mm pic.twitter.com/WMQ0HHAOW1
— Arthur Hayes (@CryptoHayes) March 24, 2023
Recall that following the collapse of Silicon Valley Bank and Silvegate, the Feds announced the injection of billions of dollars into the banking sector to salvage the crisis. Hayes believes this would further boost liquidity in the crypto market and possibly result in more green candles being printed.
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