BitMEX’s founder Arthur Hayes says that a bull market for Bitcoin is coming and to expect fireworks
Arthur Hayes, a creator of the BitMEX exchange, is charting a positive course for Bitcoin (BTC) despite the present low volume in the cryptocurrency market.
According to Hayes’s latest article, Bitcoin will have a bull run due to the Federal Reserve’s rate rise. The interest on reserve holdings will need to be paid, and the creator of BitMEX thinks the Fed will have to create money to do it. As a result of receiving interest payments from the Fed, Hayes believes that wealthy asset holders would likely invest in risky assets.
“Interest payments amount to a stimulus programme for the owners of high-value assets. When they have more money than they need, what do wealthy people do with it? They put their money into risky investments.”
The creator of BitMEX has said that the summer months in the United States “always disappoint” when it comes to cryptocurrency market activity but that this will change in the future.
“Bitcoin will maintain its value in this market. Can we retest $20,000 or even get close? A solid foundation will be established when funds gradually enter the worldwide markets for risky assets. I’m unsurprised that degens with boredom issues have stopped trading cryptocurrencies since volatility and trade volumes typically disappoint in the northern hemisphere’s summer. After refilling the [US] Treasury’s General Account, I want to exploit the relative quiet to expand my Bitcoin holdings gradually.”
