PANews, October 29, reported that BitMEX co-founder Arthur Hayes stated in his latest article that China's stimulus measures will inject trillions of dollars into the financial markets and drive up cryptocurrency prices. Regarding those who believe the market will immediately grasp future trends and raise Bitcoin prices accordingly, Hayes indicated that these expectations may fall short. He pointed out that the quantitative easing policy of the People's Bank of China and the renewed acceleration of bank credit growth will take some time to achieve their effects. In the initial phase of the policy, Chinese savers tend to buy those domestically undervalued stocks and apartments. However, Hayes believes that as long as sufficient time is given, the long-term effects of these policies will be evident.
Hayes believes that this actually provides investors with an excellent buying opportunity. Because when those ordinary wealthy coastal residents decide to invest in Bitcoin, the price surge will remind one of the situation in August 2015—after the unexpected devaluation of the yuan, the price of Bitcoin soared from $135 to $600, almost quintupling in less than three months.
