$1M Bitcoin price still in play amid ‘macro liquidity surge’ – Arthur Hayes
Bitcoin and crypto investors will have a “golden opportunity” to buy dips in the coming months, according to industry og Arthur Hayes.
In his “Left Curve” blog published last April 24, the former CEO of crypto exchange BitMEX predicted that the crypto bull market will continue.
Hayes: Bitcoin ‘Hardest Money Ever'
Bitcoin (BTC) block subsidy has arrived, and crypto markets are surging against the US dollar and other fiat currencies.
This, Hayes said, is no accident – governments around the world will continue to print money to manage their debt burdens, and their currencies will lose to Bitcoin and altcoins.
“Bitcoin is the hardest money ever created. If you sell shitcoins for fiat that you don't need immediately for living expenses, you're screwing it up. Fiat will continue to print ad infinitum until the system resets.”
“If you sell shitcoins for Bitcoin, you get a passport,” he told readers.
Hayes is no stranger to predicting the collapse of fiat-based economies, including the United States.
In the year 2024 is an election year for the United States, so the motivation to expand the money supply is even more obvious because the popularity of politicians depends on it, he said.
“Electoral winners are determined based on how unelected voters feel about the economy,” he wrote with BCA Research, a global macro research firm.
“As the chart above shows, if the general population feels that the economy should be in recession in an election year, the likelihood of an incumbent president being re-elected drops from 67% to 33%.”
Hayes concluded that printing will increase rapidly regardless of who wins the US presidential election. Crypto traders should prepare for fiat devaluation by buying dips as the powder keg should fuel the ongoing crypto bull market.
“Regardless of the flavor of crypto risk, the next few months offer a golden opportunity to increase positions,” the article concluded.
There is still a way to go to $1 million worth of BTC
As Cointelegraph reports, Bitcoin has already been spotlighted as a lifeline against fiat inflation.
Related: BTC Trades ‘Deeply Discounted' After Halving — 5 Things to Know in Bitcoin This Week
The phenomenon has not gone unnoticed, with the strong US dollar weighing on market currencies this year. Earlier this month, Cathy Wood, asset manager at ARK Invest, hedged the case for Bitcoin as “terrible fiscal and monetary policies.”
“This is a flight to safety that, believe it or not, is happening,” he told mainstream media.
“A hedge against devaluation, a hedge against loss of purchasing power and wealth.”
Although Hayes did not give an updated BTC price goal, he pointed out that the path from $70,000 to $1 million for BTC/USD may not be as difficult as the story will grow from zero.
“Sometimes in the markets you do the things that got you here (Bitcoin from zero in 2009 to $70,000 in 2024), get there (Bitcoin to $1,000,000),” he admitted.
“However, the macro setting that created the rise in fiat liquidity that created Bitcoin's exodus will become clearer as the sovereign debt bubble begins to burst.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
