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Bitcoin Bull Run to Return Following US Liquidity Spike of $1.4 Trillion, According to Crypto Billionaire Arthur Hayes
If crypto investor Arthur Hayes is correct in his prediction that next week the economy will see liquidity return as a result of Janet Yellen's policies Bitcoin might see a bull run revival.
Potentially reviving Bitcoin's fortunes are recent changes in the US economy. According to Hayes, Bitcoin and altcoins should now be watching Treasury Secretary Janet Yellen rather than the Federal Reserve's decision to keep interest rates unchanged.
Bitcoin Bull Run: Hayes's Thoughts on "Ignoring the Fed"
The US Treasury is scheduled to issue its quarterly refunding documents, which include liquidity management methods, on April 29. Within this paperwork, Hayes stresses the significance of two liquidity sources the Reverse Purchase Agreement (RRPS) and the Treasury General Account (TGA).
According to Hayes, Yellen is in a pivotal position within his hypothesis that calls for more money creation in the US before, during, and after the next presidential election. A possible $1.4 trillion infusion of liquidity might be generated by a $1 trillion outflow of TGA and $400 million in RRPs, which he brought forth.
Hayes predicted that the crypto bull market will re-accelerate and stock prices would rise if any of the three scenarios played out. "You should respect Yellen because she is a bad person and the Fed is unimportant."
The cryptocurrency's price has been rising steadily since its introduction to the public. Even if Bitcoin ETFs had the most successful launch ever there is still room for development.
Eric Balchunas an ETF analyst for Bloomberg, views the current decline in investment in BlackRock's iShares Bitcoin Trust (IBIT) as an inevitable development.
According to Balchunas "IBIT currently ranks 2nd in YTD flows" among all 10,698 registered funds in the USA, which includes ETFs, mutual funds and CEFs.
Cathie Wood, CEO of ARK Invest, thinks Bitcoin may go over $1 million and expects additional increases in this current trend.
