THE bitcoin surprised the whole world trading first at $34,000, then at $35,300, on October 23. Analysts have only one explanation for this new bullish rally: the craze around Bitcoin ETFs. And yet, Arthur Hayes, a prominent personality in the crypto world, puts forward another reason. Details !
New bitcoin ATH and US military spending
The man, who predicted, in May 2022, that bitcoin (BTC) will cross the $1 million mark by 2030, and who prophesied the end of the European Union and the United States at the same time, actually spoke to him recently. This man is named after Arthur Hayes, co-founder and former CEO of Bitmex.
“ Arthur Hayes attributes the recent rally in the cryptocurrency market to threat of endless US military spending, and not to the one-time anticipation of the Bitcoin ETF. Hayes said institutional investors have started selling bonds to buy gold and crypto. »
In the article attached to this tweet, The Defiant revealed that Arthur Hayes recently published an essay entitled “The Periphery” in which he linked the announcements of unwavering support for Israel against Hamas and the recent bitcoin bull run.
“ Added to Ukraine’s bill, the military budget is ready to explode. This will increase future government borrowing, and the sky is the limit when it comes to the amount of capital a war can waste », Supports the former CEO of the derivatives exchange BitMex.
In his essay, Mr. Hayes discussed the start of a massive sell-off of bonds and Treasuries by institutional investors. This fits perfectly with the prediction of increased US military spending and a thirst for returns from new asset classes.
Are Arthur Hayes’s essays reliable?
Arthur Hayes is not his first attempt nor his first prediction concerning the evolution of the price of bitcoin. Last June, the current boss of Maelstrom Capital spoke in particular abouta dark future for American banks. The reason is that the system has seen massive fiat withdrawals of over $1 trillion since 2022.
Hayes also argued that bitcoin will not drop below $20,000 This year. And the queen of cryptocurrencies will not reach $70,000.
Arthur Hayes was right on this point: since the FTX storm, having caused the price of BTC to be less than $16,000, bitcoin has no longer come close to the $20,000 mark. At the time of writing, the coin created by Satoshi Nakamoto was trading at $34,182.86.
For analyst Alex KrĂĽger, Arthur Hayes’ theses no longer hold up:
“ I appreciate Arthur’s essays, but they are now getting bad. He invents facts and exaggerates things to pass off fish-tailed stories as certainties “, he tweeted in April 2022.
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