[BitMEX co-founder Arthur Hayes said Bitcoin rose amid “fear of global wartime inflation”]

BitMEX co-founder Arthur Hayes pointed out that the recent rise in the crypto market is not only due to the anticipated spot Bitcoin ETF. He believes that the United States' tough foreign policy and support for Israel have led to rising concerns about global wartime inflation. Hayes wrote that if Hamas' allies such as Iran intervene, the US military's budget will increase dramatically, and there will be no limit to the waste of capital in the war.

Institutional investors have begun to reduce their bond holdings in anticipation of an increase in U.S. military spending and instead invest in alternative assets such as gold or Bitcoin. Hayes believes that inflationary panic caused by global war will push up gold and Bitcoin prices.

Although there are rumors that the U.S. Securities and Exchange Commission has approved the BlackRock Bitcoin ETF, pushing the price of Bitcoin to over $30,000, Hayes emphasized that the current rise in cryptocurrency and gold prices is behind global concerns about wartime inflation, not just Because of ETFs.

While most attribute Bitcoin's recent 19.5% rally to BlackRock's ETF filing, Hayes noted that gold has also been rising due to the conflict in Gaza, having risen 8.6% earlier this month. He believes that although the expectation of Bitcoin ETF has promoted the market, the fear of inflation caused by military expenditure is also the main reason for pushing up Bitcoin and gold.

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