BitMEX co-founder Arthur Hayes has been creating a buzz in the crypto world with his bullish stance on Bitcoin. As the crypto market continues to have ups and downs, Hayes believes it’s time to make the most of the opportunity and push the price of Bitcoin higher.
Hayes has been a vocal supporter of the crypto community, advising them to “buy the dip” when Bitcoin’s price was lower than $25,000.
Well, that’s exactly what any long-term investor wants to hear!
Bitcoin to the Moon
Bitcoin has enjoyed a remarkable year, witnessing a 75% surge in its value. This impressive growth can be attributed to the recent change in stance by the U.S. Federal Reserve, providing a substantial boost before the upcoming halving. This development has been eagerly anticipated by the crypto market, following a challenging period with a bear market.
In response to the possible change in the U.S. Federal Reserve’s position, Arthur Hayes shared his optimism.
“I guess it’s time to boost the prices of financial assets. Over to you, BTC, LFG!”
Read More: Bitcoin Price Prediction November: Here’s How High BTC Price Will Rally!
Interest Rates Maintained
In a recent meeting of the U.S. Federal Reserve, they decided to keep interest rates steady at 5.25% to 5.50%. Fed Chair Jerome Powell said, “Slowing down is giving us a better idea of how much more we need to do if we need to do more.” However, there’s still a chance they might increase interest rates in December.
Despite the cautious approach, every measure of inflation currently exceeds the Fed’s target of 2%. The Fed’s preferred gauge for measuring inflation, annual core PCE, has cooled to 3.7%.
Arthur Hayes thinks it’s time to shift our attention from traditional investments to Bitcoin and other cryptocurrencies. With the Federal Reserve pausing for two consecutive months, other central banks have room to print more money. Hayes expects significant financial support from China, Europe, and Japan, especially since the Fed is flexible.
Eyes on the Prize
Previously, Coinpedia covered news where Arthur Hayes made an ambitious prediction about the future of Bitcoin. He thinks Bitcoin’s price could go up to an impressive $750,000 to $1 million by 2026.
This bold prediction comes at a time when central banks worldwide are being more careful with their money policies, and there are ongoing regulations that create some uncertainty in the crypto world.
As October ended on a high note, Bitcoin reached a yearly high of $35,219. Right now, it’s being traded at $35,393 as some traders are taking their profits.
Also Read: Bitcoin and Ethereum Set for New All-Time Highs in Q1 2024? Here’s What to Expect
Source: https://coinpedia.org/news/bitmexs-arthur-hayes-urges-its-time-to-boost-bitcoin-amid-u-s-fed-signals/