BitMEX CEO Says Bitcoin Will Surge to $10,000 This Year As ‘Wage Cucks, Free Money and Amnesia’ Collide
The CEO of the world’s biggest crypto derivatives exchange, BitMEX, says Bitcoin will rally back to $10,000 by the end of 2019. In a new newsletter to customers, Arthur Hayes says it’s time for traders to “get excited.”
“Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together.
The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. It’s a nice round sexy number. $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000. Melissa Lee peep this. $10,000 is my number, and I’m stickin’ to it.”
Hayes says governments are gearing up for the next “orgy” of money printing, which will ultimately bring fresh capital into crypto markets.
“The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy. Do not despair. CRipple is still worth more than zero. And Justin Sun’s new age religion TRON, paired with the Pope CZ, tells us there are those still willing to eat shitcoins with a smile…
When dollars get scarce suddenly investors discover value investing all over again. The height of crypto silliness in December 2017 occurred just before the Fed embarked on its quantitative tightening. The 2018 pain train spared no crypto asset or shitcoin.
But things are a changin’. The Fed couldn’t stomach a 20% correction in the SPX. In the recent Fed minutes, the dot plot now shows rate increases for the rest of 2019. The Fed will start reinvesting its runoff in the third quarter. We are only a hop, skip, and a jump away from an expanding Fed balance sheet.”
Hayes expects a crush of money to enter crypto after big money starts flowing to a series of high profile IPOs.
“Easy money will manifest itself in other higher profile and more liquid dogshit before crypto. 2019 will feature an IPO beauty pageant of some of the best cash destroying businesses. Uber, Lyft, AirBnB, and possibly the We company all are rumoured to IPO this year.
Lyft is apparently oversubscribed for its upcoming IPO.
Oh baby, this is going to be a fun year. If these beauties can price at the top of the range, and trade above the IPO price, we know that party time is back. Crypto will be the last asset class to feel the love. Too many people lost too much money, in too short a time period, to immediately Fomo back into the markets.”
You can check out the full update from Hayes here.