The Bull Market Has Started: What Does Arthur Hayes Say? - COINTURK NEWS
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The Bull Market Has Started: What Does Arthur Hayes Say?

2:44 pm (90 days ago)
September 5, 2023

The Bullish Run of Bitcoin

Despite many positive news, the cryptocurrency markets have been far from the expected positive performance since the second half of 2023. However, Arthur Hayes, a well-known figure in the crypto world, made an intriguing statement. Could the crypto bull market have already begun? What do the recent statements of the famous CEO mean?

According to Arthur Hayes, the co-founder and former CEO of BitMEX, Bitcoin has been in a bull run for the past six months, and the market has not yet responded to it, but it will respond within approximately six to twelve months.

Fed’s Monetary Policy

The Federal Reserve (Fed), which has been pursuing a tight monetary policy for about 1.5 years, has made significant progress in combating inflation. Now the focus is on determining where the interest rate ceiling will be set. Since sudden policy changes have had negative consequences on the markets, the Fed may follow a similar strategy in 2021. Fed Chair Powell, who previously claimed that the rapid rise in inflation was temporary, gradually shifted his stance over the past six months.

Hayes stated that what the Fed is doing is to support the entire banking system;

“Please give me your underwater junk bonds, and I will give you fresh dollars. Me and the rest of the market rightly saw this as them acknowledging that they caused this problem fundamentally – the structure of the banking system – and one way of fixing it is to print more money.”

Since then, the price of Bitcoin has increased and is still 26% higher today.

“We have essentially abandoned all this front of caring about the value of the dollar and any fiat currency.”

Hayes claimed that this situation has pushed investors to evaluate fixed-supply assets like Bitcoin. However, the rest of the market has not yet responded, but he provided a timeline of six to twelve months for it to happen.

“In both scenarios, whether the Fed increases or decreases, we are in a good position as the cryptocurrency sector.”

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