BitMEX founder Arthur Hayes thinks excessive money printing in the lead-up to November’s US presidential election will drive a surge in Bitcoin (BTC) and crypto prices.
In a new analysis, Hayes argues that major global economic blocs including the US, China, the European Union (EU) and Japan are debasing their currencies to deleverage their balance sheets.
“As we exit the window of weakness that I forecasted would occur due to April 15th US tax payments and the Bitcoin halving, I want to remind readers why the bull market will continue and prices will get sillier on the upside. Rarely in markets do the things that got you here (Bitcoin from zero in 2009 to $70,000 in 2024), get you there (Bitcoin to $1,000,000).
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.”
The former BitMEX chief executive says the ongoing political situation in the US gives him confidence that the government will ramp up money printing.
“If you thought it was absurd what the US monetary and political elite did to “solve” the 2008 Global Financial Crisis and COVID, you ain’t seen nothing yet…
As we enter the northern hemispheric summer and decision-makers enjoy a respite from reality, crypto volatility will decline. This is the perfect time to take advantage of the recent crypto dip to slowly add to positions… Whatever the flavor of crypto risk excites you, the next few months will present a golden opportunity to add to positions.”
Aua le Misia se Pa'u – Fa'asoa e maua ai fa'ailoga imeli e lafo sa'o i lau pusameli
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Source: https://dailyhodl.com/2024/04/25/arthur-hayes-says-us-election-to-spark-excessive-government-money-printing-offers-golden-opportunity-for-crypto/