BitMEX Founder Arthur Hayes Says ‘Another Signpost’ Has Appeared on Bitcoin’s Path to Hitting $1,000,000

BitMEX co-founder Arthur Hayes believes one catalyst may push Bitcoin (BTC) to seven figures as US debt rises.

Hayes tells his 586,800 followers on social media platform

There was a brief change to the SLR rule as long as in the course of the COVID-19 pandemic “to alleviate tensions within the authorities bond market as a result of coronavirus and enhance the flexibility of banking organizations to offer credit score to households and companies.”

The SLR digital camera determines how a lot liquidity massive banks should have available to make sure that banks don’t run an excessive amount of danger.

Say Hayes,

“The PR marketing campaign by American bankers to acquire an exemption from SLR is in full swing. That is high information about my Bloomie (Bloomberg) [Wednesday]. This permits banks to purchase USTs (US Treasury Bonds) with infinite leverage and simply finance the insane quantity of USG Bonds (US Treasury Bonds) issued. One other signpost on the way in which to BTC = $1 million.”

Final month, Hayes stated he believes Bitcoin may attain $1 million this cycle as world central banks enhance the cash provide.

“I consider that by the tip of the cycle we will attain $1 million – $1 million… as a result of the sum of money that’s going to be printed goes to be completely insane as each authorities around the globe is doing the identical factor, which is printing cash to earn cash. my individuals really feel completely happy as a result of world progress is slowing down…

I believe we’re in a transition interval of a world monetary system. We’ll change it. The elites will resist the change, which suggests they are going to print some huge cash and more cash than has ever been printed, as a result of they do not need the post-World Warfare II American hegemony to alter.”

Bitcoin is buying and selling at $96,922 on the time of writing, up 2.7% previously 24 hours.

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