BitMEX co-founder Arthur Hayes says one catalyst will push Bitcoin (BTC) and crypto into a “full swing” bull market – and it’s not the approval of a spot BTC exchange-traded fund (ETF).
In a new blog post, Hayes expresses his opinion that United States President Joe Biden is committing the US to another open-ended conflict via its support of Israel.
The crypto veteran argues that Bitcoin and gold will rise due to fears of wartime inflation.
“Directly after the Biden speech, Bitcoin – along with gold – is rallying against a backdrop of an aggressive selloff in long-end US Treasuries. This isn’t speculation as to an ETF being approved – this is Bitcoin discounting a future, very inflationary global world war situation.
And the end game, when yields get too high, is for the Fed to end all pretense that the US Treasury market is a free market. Rather, it will become what it truly is: a Potemkin village where the Fed fixes the level of interest at politically expedient levels. Once everyone realizes the game we are playing, the Bitcoin and crypto bull market will be in full swing.
This is the trigger, and it’s time to start rotating out of short-term US Treasury bills and into crypto.”
BTC is worth $34,664 at time of writing.
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