Crypto billionaire Arthur Hayes is predicting a potential bull run for Bitcoin in the near future. He believes that the return of liquidity to the US economy, as a result of Janet Yellen’s policies, could have a positive impact on the cryptocurrency. While the Federal Reserve’s decision to keep interest rates unchanged may not directly affect Bitcoin and altcoins, Hayes suggests that Yellen’s role as Treasury Secretary is crucial to watch.
Hayes points to the upcoming release of quarterly refunding documentation by the US Treasury on April 29. He highlights two important sources of liquidity mentioned in the documentation: the Reverse Purchase Agreement (RRPS) and the Treasury General Account (TGA). According to his theory, there could be a significant increase in US dollar printing leading up to and after the upcoming Presidential election, resulting in a potential $1.4 trillion liquidity injection.
Hayes believes that if any of these three options occur, there could be a rally in stocks and a re-acceleration of the crypto bull market. He emphasizes that the Federal Reserve is irrelevant in this scenario and praises Yellen, calling her a “bad bitch” who deserves respect.
In addition to Hayes’ predictions, there is also discussion about the potential slowdown of Bitcoin ETFs. Despite the successful debut of Bitcoin ETFs, there has been a recent slowdown in inflows for BlackRock’s iShares Bitcoin Trust (IBIT). Bloomberg ETF analyst Eric Balchunas sees this as a natural progression and notes that IBIT is currently the second-largest Bitcoin product by assets under management, after the Grayscale Bitcoin Trust (GBTC).
Despite this slowdown, ARK Invest CEO Cathie Wood is optimistic about Bitcoin’s future. She predicts that the cryptocurrency could surpass the $1 million mark.
Overall, there are indications that Bitcoin could experience a bull run in the coming months, driven by liquidity shifts in the US economy and increased mainstream adoption.
