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Crypto Investor Arthur Hayes Predicts Bitcoin Bull Run
Crypto investor Arthur Hayes suggests that Bitcoin may experience a resurgence in a bull run due to upcoming economic shifts in the United States. Hayes believes that the actions of Treasury Secretary Janet Yellen will play a crucial role in this potential momentum.
Key Liquidity Sources
Hayes emphasizes the significance of two liquidity sources: the Reverse Purchase Agreement (RRPS) and the Treasury General Account (TGA). The upcoming release of quarterly refunding documentation by the United States Treasury on April 29 will provide insights into managing liquidity.
- Option 1: Stop issuing treasuries by depleting the TGA to zero, injecting $1 trillion
- Option 2: Potential $1.4 trillion liquidity injection from TGA drain and RRPs
Yellen’s Influence on Crypto Market
Hayes points to Janet Yellen’s role in potentially increasing US dollar printing leading up to the Presidential election. He suggests that any of the proposed options could trigger a rally in stocks and reignite the crypto bull market.
Bitcoin ETFs and Market Trends
Despite a successful ETF debut, Bitcoin ETFs are facing a slowdown in inflows. Eric Balchunas, a Bloomberg ETF analyst, notes the recent decrease in inflows for BlackRock’s iShares Bitcoin Trust (IBIT), currently the second-largest Bitcoin product by assets under management.
- IBIT ranks 2nd in year-to-date flows among over 10,000 registered funds in the USA
Future Predictions
Cathie Wood, CEO of ARK Invest, anticipates further growth in Bitcoin’s market trend and predicts the possibility of Bitcoin surpassing the $1 million mark.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
