BitMEX co-founder Arthur Hayes continues to uphold his bold prediction of Bitcoin reaching a seven-figure milestone, driven by the global central bank’s yield curve control (YCC) mechanisms. His forecast is based on the current monetary policy environment, which includes the Federal Reserve’s decision to tighten policy and China’s monetary easing.
Today, Hayes reiterated his forecast that Bitcoin’s value will surge by 2,738% to hit $1 million, primarily due to the extensive purchases of long-term bonds by central banks aimed at restricting long-term interest rates. He emphasized the role of the U.S.’s loose monetary policy in this surge, despite the Federal Reserve’s recent tightening actions.
Hayes initially proposed this significant Bitcoin valuation in an essay published in March, linking it to China’s relaxed monetary policy. He argued that the Federal Reserve’s recent freeze on interest rate hikes marks a phase for financial asset growth. This development is predicted to trigger a global easing of monetary policies among other central banks.
In anticipation of widespread stimulus measures from China, Europe, and Japan, Hayes plans to expedite his shift from treasury bills into Bitcoin and other cryptocurrencies. At present, Bitcoin trades at $35,230.
The BitMEX co-founder further predicts a policy easing trend among other central banks, which he believes will further encourage cryptocurrency growth. This comes on the back of his previous projection of this Bitcoin milestone earlier this year.
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