As the Kamala Harris camp launches its ‘Crypto For Harris’ promotion to show that it is not anti-innovation, Arthur Hayes, Bitmex cofounder and ex-CEO, is bringing one more gamble to the crypto markets in 2024.
In a recent article, he claims that no matter who takes the White House—Donald Trump or Kamala Harris—the crypto market will boom thanks to rampant money printing. Hayes predicts Bitcoin could skyrocket to hundreds of thousands, even hitting the million-dollar mark.
“Both the Trump administration or Harris administration will print the money. They do it in different ways. But the money will be printed. And so your crypto is going to go up — the path could be very wonky, but at the end of the day, we know where it’s going.”
Crypto For Harris: The Political Influence on Financial Markets
Arthur Hayes’s prediction is based on politicians dodging market meltdowns, resorting to money printing and economic sleight of hand in times like now. Think 2008, 2020, and 2022, and you’re more than likely about to see a reversion to money printing again in 2024.
“There’s so much debt that needs to be rolled over. We’re entering a period where the global monetary architecture is completely changing,” Hayes elaborated.
Just so I'm clear. BTFD! cause the BOJ caved. I will follow up "Spirited Away" next week with an essay focused on the US Treasury Quarterly Refunding Announcement and the injection of $300bn to $1.05tn between now and year end by Bad Gurl Yellen.
Yachtzee!
— Arthur Hayes (@CryptoHayes) August 7, 2024
He also highlighted a potential worldwide financial crunch from Japan’s unraveling yen carry trade. Japan’s recent rate hike reversal has already caused the market to flash crash on Friday and over the weekend.
Hayes thinks the U.S. will have to flood the markets with liquidity to keep the boat afloat, especially with elections on the horizon.
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The Future of Crypto: A Bullish Outlook
Arthur Hayes is steadfast in his crypto faith, which boils down to politics be damned. He foresees a wild, volatile next few months but an eventual jackpot. T
“The bitcoin price in this cycle is going to go very, very high — hundreds of thousands of dollars, maybe $1 million,” Hayes predicted.
Hayes envisions a crypto boom fueled by relentless monetary expansion, whether Trump or Harris is at the helm. Based on history, he’ll likely be right.
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