Ethereum
‘Crucial’ Biden and Fed Reversal Set to Trigger $20 Trillion Bitcoin Price Earthquake That Will Boost Ethereum, XRP, and Crypto
Bitcoin
Bitcoin
and crypto have soared over the past year, fueled by the arrival of Wall Street, a “seismic shift” in Washington And expectations of a Chinese bomb.
The price of bitcoin has returned to its all-time high of around $70,000 per bitcoin. with the United States Securities and Exchange Commission (SEC), creating an “opportunistic moment” for Bitcoin, Ethereum, XRP and crypto.
Today, legendary bitcoin and cryptocurrency trader Arthur Hayes predicted that the Federal Reserve will restart its money printer ahead of the presidential showdown between Joe Biden and Donald Trump later this year, potentially pushing the price of bitcoin to 1 million dollars, which would give it a market capitalization of around $20. trillion.
Sign up now for the free CryptoCodex—A five-minute daily newsletter for traders, investors and the crypto-curious that will keep you informed and ahead of the bitcoin and crypto market bull run.
Bitcoin price could reach “$1 million and maybe more”, says legendary trader… [+] Arthur Hayes, who also predicted a “boom” in Ethereum, XRP and crypto.
Getty Images
“Bitcoin is the best performing asset in the face of global fiat currency debasement, and they know it,” Hayes wrote in a blog. jobnoting that the Japanese yen recently fell to a 34-year low against the U.S. dollar and calling the exchange rate between the U.S. dollar and the Japanese yen “the most important global economic variable.”
“I believe the pace of yen depreciation will accelerate in the fall,” wrote Hayes, co-founder of crypto derivatives pioneer BitMex. “This will put pressure on the United States, Japan and China to do something. The US elections are a crucial motivator for the Biden administration to find a solution.”
Biden and former President Donald Trump, the Republican nominee for 2024, are set to repeat their 2020 run for the White House this year, with the Federal Reserve having so far kept monetary policy tighter than many had expected predicted in the face of persistent inflation.
Sign up now for CryptoCodex—A free daily newsletter for the crypto-curious
The price of bitcoin has surged over the past year, driven higher by the arrival of Wall Street,… [+] expectations of a Federal Reserve turnaround and a Chinese bomb.
Forbes Digital Assets
“When something is done about the weak yen, I will mathematically estimate how flows into the Bitcoin complex will drive the price to $1 million and possibly beyond,” Hayes wrote.
Hayes predicts the Fed will take the “easy” option and swap freshly printed dollars for yen.
“This is great for Japan Inc. as they collectively own over three trillion dollars in dollar assets,” Hayes wrote. “Crypto is booming as there is more dollar and yuan liquidity floating in the system.”