• BitMEX founder Arthur Hayes is providing his outlook for Bitcoin (BTC) amid a market downturn.
• He believes that investors will realize that the US government is handing out billions per month to wealthy savers and some of it will flow into tech stocks and crypto.
• Hayes anticipates that Bitcoin could fall mildly by less than 5%, but sees potential benefits from the Fed’s moves to address liquidity pressures facing US banks.
BitMEX Founder Arthur Hayes’ Outlook on Bitcoin Amid Market Downturn
BitMEX founder and crypto veteran Arthur Hayes is detailing his outlook for Bitcoin ( BTC ) amid a market downturn. In a new blog post, Hayes says that Bitcoin and other crypto assets could benefit from the interest income earned on US government paper.
Hayes Sees Mild Fall in BTC Price
The BitMEX co-founder says that while forecasts are suggesting a drastic drop, he sees Bitcoin falling mildly by less than 5% from the current level.
Potential Benefits From Fed’s Moves
The crypto capitalist further says that the Federal Reserve’s moves to address liquidity pressures facing US banks will have bullish implications for risk assets like crypto and tech stocks.
Bitcoin’s Value Proposition Strengthens
“One of Bitcoin’s value propositions is that it is the antidote for a broken, corrupt and parasitic fiat banking system. Therefore, as the banking system falters, Bitcoin’s value proposition grows stronger.”
Rich People Need Financial Assets
“Rich people don’t need real stuff; they need financial assets so they can effortlessly consume to their heart’s desire. Bitcoin has a finite supply, and therefore as the denominator of fiat toilet paper grows, so will Bitcoin’s value in fiat currency terms.”
