“World governments continue printing money, Bitcoin surpasses $1 million”

“World governments continue printing money, Bitcoin surpasses $1 million” –Arthur Hayes

[블록미디어 이제인 기자]Arthur Hayes, former CEO of BitMEX, recently analyzed the government’s currency printing operation as a major upward driving force through his blog post ‘Left Curve’ and predicted that the bull market for cryptocurrencies will continue.

According to Crypto Briefing on the 24th, he argued that countries around the world will continue to print currency to manage their debt, which will lead to a devaluation of fiat currency against Bitcoin and other cryptocurrencies.

Arthur Hayes said, “Bitcoin is the most powerful currency ever created. If you don’t need living expenses, converting Bitcoin to fiat currency is a bad decision. “Currency will be issued indefinitely in the current situation,” he said.

He also emphasized that as 2024 is the year of the US presidential election, the need to expand the money supply will become more prominent. Citing global macro research firm BCA Research, Hayes noted that in election years when the public perceives the economy to be in a recession, an incumbent president’s chances of being re-elected drop significantly.

“Artificially lowering government bond yields encourages bad investments,” he said. Early projects are usually worthwhile. But as politicians try to generate growth to get re-elected, lower bond yields, the quality of projects declines,” Hayes argued.

Hayes explained that regardless of the outcome of the presidential election, money printing will accelerate, which will further deepen the devaluation of fiat currency. He advised cryptocurrency traders to buy at lows to prepare for this scenario. He noted that the devaluation of currencies will be a major factor that will trigger a violent bull market in cryptocurrencies.

Hayes did not update his price target for Bitcoin, but he did suggest that the path for Bitcoin’s price from $70,000 to $1 million may not be as difficult as previous historical gains. He acknowledged that the macroeconomic conditions supporting Bitcoin’s rise will become more pronounced as the sovereign debt bubble begins to burst.

Ark Invest CEO Cathy Wood also recently described cryptocurrencies as a “safe haven” and “a hedge against terrible fiscal and monetary policies.”

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