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The bitcoin price has lost 15% since peaking at almost $32,000 per bitcoin earlier this year, dragging down the price of other top ten coins ethereum and XRP—despite the market bracing for a huge Wall Street earthquake.
Now, as billionaire hedge fund manager Paul Tudor Jones issues a “cataclysmic” U.S. dollar warning, legendary bitcoin and crypto trader Arthur Hayes has predicted “trillions of dollars” are about to hit the crypto market—heralding a massive price bull run.
Bitcoin’s historic halving, which is expected to cause crypto-price chaos, is right around the corner! Register now to receive a free CryptoCodex—A daily newsletter that keeps you on top of the market for traders, investors, and crypto-curious
The price of bitcoin and the crypto market in general, including ethereum (ETH) and XRP (XRP), have rocketed up over the last few weeks. … [+]
“It’s just so ridiculous how much money is going to be printed over the next two to three years while the central banks try to save the government bond markets that I guess I’m just so bullish on bitcoin, crypto, certain stocks [and] so bearish on fiat just because there’s going to be umpteenth more trillions of dollars of it,” Hayes, who cofounded crypto derivatives pioneer BitMex, told YouTuber Ran Neuner.
Hayes believes that central banks throughout Europe and Asia as well as the Federal Reserve will be forced in the future to issue more debt. This will increase the risky assets, such bitcoin, ethereum XRP or other cryptocurrencies, and weaken the dollar.
“We also saw some dovish shifts in Fed officials’ stance on monetary policy this week as a handful of them suggested higher long-term yield will do the job for them,” Yuya Hasegawa, a crypto market analyst with Tokyo-based Bitbank, wrote in an emailed note, adding “the macro environment is starting to shift in favor of [bitcoin].
Last week, analysts at the investment bank Jefferies warned the Fed will be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.
Hayes, meanwhile, pointed out that the commercialization of AI (artificial intelligence) in this year could be the catalyst for a major overhaul of the financial and economic system. He called it the most revolutionary development of all times.
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The Federal Reserve has been printing money at a massive rate through the Covid … [+]
“The [bitcoin and crypto] bull market that we’re about to experience—that we’re on the cusp of—and it’s a combination of the most amount of money ever printed in human history in a two to three year period and the commercialization of AI and how that relates to crypto as the most transformative technological development that’s ever happened in human history,” Hayes said.
Hayes, a prominent bitcoin analyst, made headlines in the first week of this month by predicting that the bitcoin price would rocket to $1,000,000 by 2026.
“There is going to be a major financial crisis, probably as bad or worse than the great depression, sometime near the end of the decade; before we get there, we’re gonna have, I think, the largest bull market in stocks, real estate, crypto, art, you name it, that we’ve ever seen since World War 2,” Hayes told YouTuber Tom Bilyeu.