BitMEX’s former CEO, Arthur Hayes, is optimistic about the impact of the upcoming US election on Bitcoin. He believes that regardless of the outcome, there will be looser monetary policies and an increase in the printing and distribution of money in the economy. Hayes suggests that this could drive the price of Bitcoin higher.
In a recent YouTube interview, Hayes explained that President Biden, in his bid for re-election, is likely to implement measures to stimulate the economy. This aligns with historical trends where previous halvings of Bitcoin have been followed by new all-time highs within 4 to 18 months. Hayes further predicts that major economies worldwide will increase money printing in the next 18 to 24 months.
Hayes also speculates on the monetary strategies that key figures like U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell might employ to support President Biden’s re-election campaign. He believes that they will prioritize fiscal policies that reduce government borrowing costs and allow for the distribution of financial incentives to voters.
Regardless of who wins the election, Hayes remains bullish on Bitcoin and the broader crypto market. He advises people with fiat currencies to enter the market, as he believes the bull market will continue.
Hayes also discusses the impact of M2, a macro indicator, on the price of Bitcoin. While M2 has been flat, he notes that gold and crypto have been performing well. However, he cautions that M2 alone cannot guarantee Bitcoin’s bullish movement.
Hayes also highlights the influence of institutional investors, particularly those issuing spot Bitcoin Exchange-Traded Funds (ETF), on Bitcoin’s future price movement. He believes that these issuers will continue to promote their products, contributing to the bullish trend.
In conclusion, Hayes is optimistic about the US election’s impact on Bitcoin. He foresees looser monetary policies, increased money printing, and fiscal strategies that could drive the price of Bitcoin higher. He advises individuals to consider entering the market and emphasizes the influence of institutional investors on Bitcoin’s future.