BitMEX founder Arthur Hayes says reckless money printing has likely already begun to send Bitcoin (BTC) into another bull market.
In a new interview with Laura Shin on the Unchained podcast, the crypto veteran says that despite the official stance of tight monetary policy and relatively higher interest rates, the global banking system has been very accommodating towards Bitcoin.
He says BTC is likely heading into a new bull market that will ultimately lead to a blow-off top sometime before 2027.
“We have seen a positive reaction from the Bitcoin price since the FTX debacle in November last year.
Bitcoin went from $16,000 to $45,000… And all the while the banks are supposedly not printing money, they are printing money. When you actually look at how much money is flowing into the banking system or how much interest is being paid on government debt, it's very stimulating, and that's exactly what Bitcoin is telling us.
And now, and I guess the tech stocks, the grand seven in the United States, are on the rise because the liquidity is there for the right kind of things. Therefore, I think 2024 will be a turbulent period where it will be time to accumulate before the peak in 2025-2027. That’s really how I deal with the world right now.”
Hayes, the chief investment officer of early-stage investment fund Maelstrom, recently said that the Federal Reserve's interest rate cut advice is extremely bullish for Bitcoin and cryptocurrencies.
“At this point, there is no excuse not to be long a cryptocurrency. How many times do they have to tell you that the fiat money in your pocket is a dirty piece of trash? Believe in the Lord and He will deliver you.
BTC = $1 million.”
At the time of writing, Bitcoin is trading at $42,131.
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