Bitcoin (BTC) will hit $1,000,000 amid a major central bank move, according to BitMEX founder Arthur Hayes
BitMEX co-founder Arthur Hayes predicts a massive Bitcoin (BTC) rally and a major turning point for the world’s central banks.
In response to the news that the People’s Bank of China has cut the Reserve Ratio Requirement (RRR) by 0.25%, Hayes says he is targeting a $1 million price for Bitcoin.
Hayes believes China’s move supports his thesis that more government intervention and capital injections are imminent.
The Reserve Ratio Requirement is the amount of reserves that a commercial bank is required to hold as a percentage of its deposits.
Lowering the requirement increases the amount that commercial banks can lend or invest.
In a new essay on the subject, Hayes says monetary easing is undoubtedly imminent.
Focusing on the Federal Reserve’s recently created Bank Term Funding Program (BTFP), which aims to ensure banks meet all depositor withdrawal requests, Hayes suggests this will result in a bigger Bitcoin rally than the pandemic-related ones Quantitative easing measures if the amount is even applicable Offense.
“The Fed printed $4.189 trillion in response to COVID. Right off the bat, the Fed implicitly printed $4.4 trillion with the launch of BTFP.
Bitcoin surged from $3,000 to $69,000 during the COVID money printing episode. What will it do this time?”
On how the projected Bitcoin and crypto rally is likely to be received in the mainstream, Hayes says:
“The Bitcoin rally that follows will be one of the most hated of all time. After all the bad things that happened in 2022, how can Bitcoin and the crypto markets in general recover strongly?
Didn’t people learn bitcoin and the bastards associated with it? Aren’t people afraid of the narrative that bitcoin caused major banks to collapse and almost consumed the US banking system?”
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