Investors in Bitcoin (BTC) and cryptocurrencies have an excellent chance to purchase at lower prices in the upcoming months, according to industry veteran Arthur Hayes.
The ex-CEO of BitMEX, in a recent blog entry titled “Left Curve,” published on April 24, predicted that the cryptocurrency market’s bull run would persist.
Hayes: Bitcoin is “hardest money ever created”
The reduction in new Bitcoins issued per block, known as the block subsidy halving, has recently occurred. Consequently, the cryptocurrency market values have significantly increased against the U.S. dollar and other traditional currencies.
According to Hayes, it’s not a mere coincidence that governments continue to print money to deal with their mounting debts, resulting in their currencies weakening compared to Bitcoin and other cryptocurrencies.
“If you sold shitcoins for Bitcoin, you get a pass,” he told readers.
“Bitcoin is the hardest money ever created. If you sold shitcoins for fiat that you don’t immediately need for living expenses, you are fucking up. Fiat will continue to be printed ad infinitum until the system resets.”
Hayes is no stranger to predicting the collapse of fiat-based economies, including the U.S.
During an election year, the pressure to increase the amount of available money is stronger than ever, according to him, since politicians’ appeal to voters relies significantly on it.
Undecided voters, who play a crucial role in deciding election outcomes, make their choices primarily based on their sentiments towards the economy, as shown in this graph from BCA Research.
“As the above chart depicts, an incumbent President’s re-election odds drop from 67% to 33% if the general population feels the economy is in a recession during an election year.”
Whatever the outcome of the U.S. Presidential election, the demand for printing more money could increase significantly. Crypto investors ought to brace for potential fiat currency devaluation – an event that could spark a crypto market boom if they take advantage of price dips to buy.
If your interest lies in any aspect of cryptocurrency risk, the coming months offer an excellent chance to increase your holdings.
The road to $1 million BTC price remains
As CryptoMoon reported, Bitcoin is already in the spotlight as a lifeline against fiat inflation.
This year, a robust US dollar has caused major currency declines in emerging markets, drawing attention. Recently, Cathie Wood, ARK Invest’s CEO, advocated for Bitcoin as a protective measure against “disastrous fiscal and monetary decisions.”
“I think this is a flight to safety, believe it or not, taking place,” she told mainstream media.
“A hedge against devaluation, a hedge against a loss of purchasing power and wealth.”
Hayes didn’t share a new BTC price prediction, but he hinted that the journey from $70,000 to $1 million in BTC/USD prices might not be as challenging as it was for Bitcoin to go from being worth nothing to its current value.
“It’s uncommon for the factors that helped Bitcoin rise from nothing to $70,000 between 2009 and 2024 to be the same ones that take it to new heights, such as reaching $1,000,000,” he admitted.
“However, the macro setup that created the fiat liquidity surge that powered Bitcoin’s ascent will only get more pronounced as the sovereign debt bubble begins to burst.”
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2024-04-24 19:17