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According to one of the crypto industry’s most outspoken backers, this package will undoubtedly push more capital into Bitcoin, eventually propelling its price to sky-high levels.
Japan’s Stimulus Package To Benefit Bitcoin
Takaichi, who became Japan’s first female prime minister on Tuesday, is crafting a substantial economic stimulus package that includes subsidies for electricity and gas charges, as well as regional grants to ease price pressure and encourage small to medium-sized businesses to raise wages.
The co-founder of BitMEX and chief investment officer of Maelstrom, Arthur Hayes, described the development as a harbinger of major money printing by Japan’s central bank, which could provide the next Bitcoin catalyst for a meteoric surge to the coveted $1 million milestone.
“Translation: let’s print money to hand out to folks to help with food and energy costs,” Hayes wrote in a Tuesday post on X, adding that this move may see BTC rocket to $1 million, while sparking a rally in the Japanese yen.
 
The crypto billionaire previously leaned on his belief that the Bank of Japan restarting its accelerated quantitative easing (QE) program could trigger a powerful upsurge for Bitcoin and other cryptocurrencies.
For the uninitiated, QE is a monetary policy where central banks buy bonds and pump money into the economy to reduce borrowing rates and stimulate spending during tough economic times.
Bitcoin had dropped by over 4.6% to trade hands at $108,122 on Wednesday, according to data tracked by CoinGecko. Over the last 16 days, the price of the premier crypto has dropped roughly 14% from an all-time high of $126,000 set earlier this month.
As Zycrypto reported earlier, Hayes, who was pardoned by U.S. President Donald Trump earlier in March after failing to implement anti-money laundering measures at his crypto exchange, believes Bitcoin’s traditional four-year cycle is officially over.