Arthur Hayes, co-founder and former CEO of BitMEX, predicts a huge rally for Bitcoin BTCUSD, and he predicts a $1 million price tag for the currency.
Hayes cited the People's Bank of China's reduction of its Reserve Ratio Requirement RRR by 0.25% in order to make his claim.
In a recent blog, Hayes said that the loosening of monetary policy is on its way and that will lead to a more significant BTC rally than the one that followed the Pandemic-related measures by the Federal Reserve.
The Fed printed $4.189 trillion in response to COVID. The Fed printed $4.4 trillion with the implementation of BTFP right off the bat. During the COVID money printing episode, the price ofBitcoin went from $3,000 to $69,000. Why is it that the analyst says thatBitcoin Is Likely To Experience An Adverse Move Before Climbing
Hayes wrote that the upcoming Bitcoin and criptocurrency rally will be one of the most hated ones ever. How can Bitcoins and the criptocurrency markets rebound sharply after all the bad things that happened in 2022? He asked.
Aren't people afraid of the narrative thatBitcoin caused the failure of large banks and almost consumed the U.S. banking system? He added.
On Friday, Bitcoin crossed the $27,000 mark amid macroeconomic concerns about the ongoing instability of the U.S. banking sector. In the last seven days, the price of digital currency has gone up more than 36%.
At the time of writing, the criptocurrency was trading at $27,533.
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