Controversial BitMEX founder and crypto veteran Arthur Hayes thinks Bitcoin (BTC) can rise in price regardless of whether the U.S. Federal Reserve decides to continue raising rates or not.
Hayes says in a recent newsletter that it will become more clear over time that sitting in bonds is foolish and “capital at the margin” will shift to hard financial assets.
“Certain assets such as Bitcoin, big tech/AI (artificial intelligence) stocks, productive farmland, etc. will continue rising and confound the majority of financial analyst muppets. It won’t make sense to them that Bitcoin is holding firm because they look at manipulated markets controlled by Fed asset purchases, such as yields on TIPS (US Treasury Inflation-Protected Securities) – which are (seemingly) positive and rising.”
Hayes says riskier assets like BTC are still attractive options for investors because the US government has “continued its spending bonanza,” driving down the yield on government bonds.
“It gives me comfort because, while I still believe the base case scenario is that the Fed is forced to cut rates close to zero and restart the [quantitative easing] money printer, even if I’m wrong, I’m confident that crypto can rise quite substantially regardless.”
Hayes has had a controversial career. Last year, the former BitMEX CEO and fellow executive Benjamin Delo both pled guilty to violating the Bank Secrecy Act by willfully failing to establish anti-money laundering protocols at their exchange. A judge later sentenced Hayes to six months of home detention and two years of probation, and the former CEO also agreed to pay a fine of $10 million.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
