BitMEX founder Arthur Hayes says that reckless money printing has likely already begun to send Bitcoin (BTC) on another bull run.
In a new interview with Laura Shin on the Unchained podcast, the crypto veteran says that the global banking system has been very accommodating to Bitcoin despite an official stance of tight monetary policy and relatively higher rates.
He says that BTC is likely heading into a new bull market that will ultimately lead to a blow-off top sometime before 2027.
“We’re starting to see the price of Bitcoin react positively since the FTX debacle in November of last year.
Bitcoin went from $16,000 to $45,000… And all the while, the banks are supposedly not printing, but they are printing money. If you actually look at how much money is going into the banking system or interest payments on government debt, it’s very stimulative, and that’s what Bitcoin is telling us.
And now, and I guess tech stocks, the magnificent seven in the United States, those tech stocks are on a tear because liquidity is there for the right type of thing. So I think 2024 is going to set up to be a choppy period where it’s time to accumulate before you get the blow-off top in 2025 into 2027. That’s really how I’m approaching the world right now.”
Hayes, the chief investment officer of the early-stage investment fund Maelstrom, recently said that rate cut hints from the Federal Reserve are extremely bullish for Bitcoin and crypto.
“At this point, there is no excuse not to be long crypto. How many more times must they tell you that the fiat in your pocket is a filthy piece of trash? Believe in the Lord, and he shall set you free.
BTC = $1 million.”
At time of writing, Bitcoin is trading for $42,131.
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