Bitcoin has constant bull market backing in the ever-expanding fiat money supply, Arthur Hayes concluded.
Bitcoin and crypto investors will have a “golden opportunity” to buy the dip in the coming months, said industry OG Arthur Hayes.
In his latest blog post, “Left Curve,” released on April 24, the former CEO of crypto exchange BitMEX forecasted that the crypto bull market would continue.
Hayes: Bitcoin is "hardest money ever created"
Bitcoin's
block subsidy halving has come and gone, and crypto markets are booming versus the U.S. dollar and other fiat currencies.
This, Hayes said, is no coincidence — governments worldwide will keep printing money to manage their debt burdens, and their currencies will lose out against Bitcoin and altcoins.
“Bitcoin is the hardest money ever created. If you sold shitcoins for fiat that you don’t immediately need for living expenses, you are fucking up. Fiat will continue to be printed ad infinitum until the system resets.”
“If you sold shitcoins for Bitcoin, you get a pass,” he told readers.
Hayes is no stranger to predicting the collapse of fiat-based economies, including that of the United States.
2024 is an election year for the United States, so the impetus to expand the money supply is even more apparent because politicians’ popularity effectively depends on it, he said.
“The undecided voters who determine the electoral winners do so based on how they feel about the economy,” he wrote alongside a chart from global macro research firm BCA Research.
“As the above chart depicts, an incumbent President’s re-election odds drop from 67% to 33% if the general population feels the economy is in a recession during an election year.”
Hayes concluded that regardless of who wins the U.S. presidential election, the printing will accelerate. Crypto traders should be prepared for fiat devaluation by buying the dip, as it should ignite the powder keg for a rampant crypto bull market.
“Whatever the flavour of crypto risk excites you, the next few months will present a golden opportunity to add to positions,” the post summarizes.
The road to $1 million BTC price remains
As Cointelegraph reported, Bitcoin is already in the spotlight as a lifeline against fiat inflation.
With a strong U.S. dollar pummeling emerging market currencies this year, the phenomenon has not gone unnoticed. Earlier this month, Cathie Wood, CEO of asset manager ARK Invest, made the case for Bitcoin as a hedge against “horrible fiscal and monetary policies.”
“I think this is a flight to safety, believe it or not, taking place,” she told mainstream media.
“A hedge against devaluation, a hedge against a loss of purchasing power and wealth.”
While Hayes did not give an updated BTC price target, he suggested that the path from $70,000 to $1 million for BTC/USD may not be as difficult as its history rising from zero.
“Rarely in markets do the things that got you here (Bitcoin from zero in 2009 to $70,000 in 2024), get you there (Bitcoin to $1,000,000),” he acknowledged.
“However, the macro setup that created the fiat liquidity surge that powered Bitcoin’s ascent will only get more pronounced as the sovereign debt bubble begins to burst.”