PANews reported on May 21 that Arthur Hayes, co-founder of BitMEX, pointed out in his latest article that the pace of yen depreciation may accelerate in the fall. In order to curb the depreciation of the yen, the Federal Reserve may reach an unlimited dollar-yen swap agreement with the Bank of Japan. Hayes believes that this move is equivalent to the Fed's implementation of yield curve control, which will cause a sharp depreciation of the US dollar.

Hayes believes that the depreciation of the US dollar means a sharp increase in global US dollar liquidity. This will benefit the cryptocurrency market led by Bitcoin. He predicts that if the US and Japanese central banks really adopt a "simple and crude" currency swap policy, it will trigger a new round of cryptocurrency price increases. By then, the price of Bitcoin is expected to hit the $1 million mark, or even set a new record high.

Hayes suggested that cryptocurrency traders pay close attention to the future changes in the USD/JPY exchange rate and increase their cryptocurrency allocation appropriately. He emphasized that once the market finds that the US and Japan are conducting large-scale currency swaps and the scale of the swaps is expanding, it is likely to mean that the cryptocurrency bull market is coming.