Key Points
- Arthur Hayes, former CEO of BitMEX, predicts a golden opportunity for crypto investors to buy the dip in the coming months.
- Hayes believes that Bitcoin is the hardest money ever created and will outperform fiat currencies as governments continue to print money.
Arthur Hayes, a long-standing figure in the cryptocurrency industry, has predicted a significant buying opportunity for investors in Bitcoin and other cryptocurrencies in the coming months. In his recent blog post, “Left Curve,” Hayes anticipated the continuation of the crypto bull market.
Bitcoin as the Hardest Money Ever Created
Following the block subsidy halving, Bitcoin and the broader crypto market have shown strong performance against the U.S. dollar and other fiat currencies. Hayes attributes this to the continuous money printing by governments worldwide to manage their debt burdens, which he believes will lead to Bitcoin and altcoins outperforming these currencies.
Hayes advises those who have sold altcoins for Bitcoin, describing Bitcoin as “the hardest money ever created”. He criticizes those who have sold altcoins for fiat currencies not immediately needed for living expenses, predicting that fiat will continue to be printed indefinitely until the system resets.
The Impact of the U.S. Presidential Election
Hayes has often predicted the collapse of fiat-based economies, including the U.S. He believes that the drive to expand the money supply is even more evident in an election year, as politicians’ popularity largely depends on it. According to Hayes, irrespective of who wins the U.S. Presidential election, money printing will increase, leading to fiat devaluation. He suggests that crypto traders should prepare for this by buying the dip.
Bitcoin has already been highlighted as a safeguard against fiat inflation. With the strong U.S. dollar negatively impacting emerging market currencies this year, this has not gone unnoticed. Cathie Wood, CEO of ARK Invest, recently advocated for Bitcoin as a hedge against poor fiscal and monetary policies.
While Hayes did not provide an updated Bitcoin price target, he hinted that the journey from $70,000 to $1 million for Bitcoin may not be as challenging as its rise from zero. He acknowledged that the macro setup that led to the surge in fiat liquidity, which powered Bitcoin’s ascent, will only become more pronounced as the sovereign debt bubble begins to burst.