The founder of the infamous BitMex crypto exchange and well-known entrepreneur Arthur Hayes shared his fresh thoughts and expectations amid the difficult macroeconomic situation in the United States. According to Hayes, market participants should keep a close eye on the rates of the Japanese yen and the euro.
The fall of the euro means that European companies and consumers will pay more for the goods and services they import. Above all is energy. The same applies to the Japanese yen. If the dollar continues to strengthen against these currencies, the Fed may resort to intervention, said the crypto enthusiast. Hayes marked the level of 1.5 yen and more, and 90 euro cents or less, for 1 dollar as key marks.
What will the Fed's interventions mean? Money printing, of course. In an attempt to bring down record inflation, mitigate the inevitable recession and eventually save the economy, the regulator will have to return to this instrument of monetary policy. What will printing money mean for the price of cryptocurrencies, and especially Bitcoin? It will mean the growth of quotations.
Must watch: The JPY and EUR.
— Arthur Hayes (@CryptoHayes) July 14, 2022
Expect an "intervention" to weaken the USD if JPY > 150 and or EUR < 0.90.
"Intervention" means the Fed printing money.
Printing money means $BTC number go up.
The situation is fluid. pic.twitter.com/jT0Mrgspjz
However, there is no answer to the question of whether this will definitely happen. According to Arthur Hayes, the situation is fluid and requires further observation.
"HODL" culture
Earlier, Arthur Hayes predicted Bitcoin's price would rise to $1 million by 2030. As an argument, the crypto entrepreneur cited the fact that the most loyal holders of the coin would not sell out, knowing what profits may await them in the future. He urged his crypto community to be patient and give cryptocurrencies time.
Vladislav Sopov
Tomiwabold Olajide