BitcoinBTCand the wider crypto market—including ethereum and XRPXRP—have lost momentum after charging into 2023 (though billionaire Warren Buffett is still quietly getting richer off bitcoin).
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The bitcoin price has lost 15% since peaking at almost $32,000 per bitcoin earlier this year, dragging down the price of other top ten coins ethereum and XRP—despite the market bracing for a huge Wall Street earthquake.
Now, as billionaire hedge fund manager Paul Tudor Jones issues a “cataclysmic” U.S. dollar warning, legendary bitcoin and crypto trader Arthur Hayes has predicted “trillions of dollars” are about to hit the crypto market—heralding a massive price bull run.
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“It’s just so ridiculous how much money is going to be printed over the next two to three years while the central banks try to save the government bond markets that I guess I’m just so bullish on bitcoin, crypto, certain stocks [and] so bearish on fiat just because there’s going to be umpteenth more trillions of dollars of it,” Hayes, who cofounded crypto derivatives pioneer BitMex, told YouTuber Ran Neuner.
The Federal Reserve in the U.S. and central banks across Europe and Asia will, according to Hayes, be forced to issue increasing amounts of debt in coming years, boosting speculative, risk assets such as bitcoin, ethereum, XRP and other cryptocurrencies while at the same time weakening the U.S. dollar.
“We also saw some dovish shifts in Fed officials’ stance on monetary policy this week as a handful of them suggested higher long-term yield will do the job for them,” Yuya Hasegawa, a crypto market analyst with Tokyo-based Bitbank, wrote in an emailed note, adding “the macro environment is starting to shift in favor of [bitcoin].
Last week, analysts at the investment bank Jefferies warned the Fed will be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.
Meanwhile, Hayes pointed to the commercialization of artificial intelligence (AI) this year as the potential catalyst for an overhaul of the economic and financial system, calling it the most transformative development of all time.
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“The [bitcoin and crypto] bull market that we’re about to experience—that we’re on the cusp of—and it’s a combination of the most amount of money ever printed in human history in a two to three year period and the commercialization of AI and how that relates to crypto as the most transformative technological development that’s ever happened in human history,” Hayes said.
Earlier this month, Hayes generated headlines when he predicted the bitcoin price could rocket to $1 million by 2026.
“There is going to be a major financial crisis, probably as bad or worse than the great depression, sometime near the end of the decade; before we get there, we’re gonna have, I think, the largest bull market in stocks, real estate, crypto, art, you name it, that we’ve ever seen since World War 2,” Hayes told YouTuber Tom Bilyeu.
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